The European Council has approved the Markets in Crypto Assets (MiCA) law.

The European Parliament support the legislation which will require inflexible rules for crypto firms. 

A previous action scheme for the Parliament to vote in December has been drop because of the length and complexity of the text.

MiCA split crypto-assets into e-money (stablecoins), asset referenced tokens which include stable coins backed by other assets, everything else. 

Martin Bruncko, Binance’executive vice president of Europe, told that the European crypto scenery is fragmented. All 27 European countries have different rules from restrictive to non-existent. 

Everyone have to be happy about MiCA’s approval, because it’s creating a unique market and the same application rules. 

SOURCE: CoinTelegraph 


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