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MiCA Finally Approved By the European Parliament: Here’s What You Need to Know

 |  May 1, 2023

By: Mark Aruliah (Elliptic Connect)

In a significant move, the European Parliament finally voted through the Markets in Crypto-assets (MiCA) regulation on April 20th. It also approved the Transfer of Funds Regulation – referred to as the “Travel Rule” – that same day.

MiCA brings in conduct and prudential regulation for cryptoasset service providers (CASPs). Meanwhile, the Travel Rule brings in the obligation to send beneficiary and originator information with cryptoasset transfers between CASPs, which aligns it with fiat transfers. To find out more, you can read previous updates we have provided for both MiCA and the Travel Rule

Next Steps and Timeline

Now that MiCA has been approved by the European Parliament, it now needs to become European law. MiCA becomes European law 20 days after it is written into the Official Journal (OJ). Typically, entering the OJ would happen at the next available plenary after the plenary vote – so June…