EU Agrees On Crypto MiCA Bill Text – Bitcoin Magazine

The European Union (EU) has agreed on a legal framework for bitcoins and cryptocurrencies known as Markets in Crypto Asset Regulation (MiCA), according to a report from CoinDesk.

The bill was approved by members of the EU Council on Wednesday and consists of a regulatory framework established earlier in June, which is said to have received no further development since then.

MiCA sets licensing requirements for exchanges and wallet providers in the 27 EU member countries, including the need to verify the identity of users. Additionally, the legislation imposes capital requirements on the aforementioned service providers. Capital requirements are expected to avoid depegging events as seen with the collapse of the Terra ecosystem, as well as avoid other major liquidity problems.

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