EU lawmakers approve world’s first comprehensive framework for crypto regulation

In a vote Thursday, the EU Parliament voted 517 in favor and 38 against to pass the Markets in Crypto Act, or MiCA. The rules will impose a number of requirements on crypto platforms, token issuers and traders around transparency, disclosure, authorization, and supervision of transactions.
MiCA is the most comprehensive regulatory framework for digital assets to date.
The parliamentary blessing paves the way for MiCA to become law in 2024, putting the EU a step ahead of the U.S. and U.K.

MiCA.2.0 Could Be More Critical
Potentially key is MiCA.2.0, an EU regulatory measure for the cryptocurrency industry that aims to prevent systemic risk resulting from too close a link between the cryptocurrency market and traditional financial services, and to prevent the collapse of crypto-asset operators as a result of businesses engaging in certain endeavors. However, the bill does not address the core areas that brewed up last year's cryptocurrency storm, such as crypto lending, DeFi and NFT.
While MiCA proposes some regulations for the cryptocurrency industry, critics say the bill could weaken the cryptocurrency industry's ability to provide anonymous services and limit the growth of the stablecoin space, hence the call for MiCA.2.0 to enable better regulation.

How will the European crypto industry evolve under regulation?