The European Union is likely to implement its landmark crypto regulations, the Markets in Crypto Assets (MiCA) and Transfer of Funds Regulation, very soon. According to reports, the European Parliament will likely rubber-stamp the crypto licensing laws in a final vote next week. The official responsible for the talks has reported that the vote will most likely be delayed by one day as part of a routine reshuffling of the schedule.

The two regulations are seen as a major step forward for the crypto industry in Europe. The MiCA regulation will require providers of crypto services like wallets and exchanges to seek a license from national regulators. The Transfer of Funds Regulation obliges identity checks on those making crypto payments.

EU members states had already agreed to the approximate framework of the regulations last year, with months of drafting, translation and several delays preceding the proposed laws. It has now been confirmed by the European Parliament that the agreed changes are indeed the only ones that are to be put up for discussion in the near future, which signifies strong support for the law and its passage.

The MiCA and Transfer of Funds Regulations have been long anticipated by the European crypto community. They are expected to bring more stability and security to the industry, encouraging more people to use and invest in cryptocurrencies. It will also result in better regulations for the blockchain industry, ensuring that members of the public are protected from rogue actors.

The powerful regulations will impose heavy regulations that must be adhered to. It will likely result in more stringent KYC and AML obligations for exchanges, wallets and other providers. This means that exchanges, digital wallet providers and other crypto-related companies operating in Europe will now need to apply for licenses from the involved national regulators in accordance with the new rules.

Cryptocurrency adoption in Europe is set to go up with the new regulations in effect. With long overdue regulations set to be passed, the EU's MiCA and Transfer of Funds laws are expected to be a significant milestone for the European crypto industry. It will bring much needed confidence to the market, making crypto transactions and services much more secure and regulated. It is believed that the new regulations will go a long way to making crypto transactions a legitimate and preferred form of payment.



Other News from Today