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EU Parliament votes for new crypto rules

EU Parliament votes for new crypto rules

The European Parliament has overwhelmingly voted in favour of the Markets in Crypto-Assets (MiCA) crypto licensing regulations.

MEPs voted 517-38 in favour of the new regime, which has already been given the green light by EU member states.

The world's first comprehensive regulation for the crypto sector, MiCA requires firms in the sector to obtain a license in order to offer their services in the bloc and to meet money laundering and terrorist financing rules.

"Significant" service providers will also have to disclose their energy consumption in order to tackle the sector's carbon footprint.

A separate vote of 529-29 waved through Transfer of Funds regulation, requiring crypto firms to identify their customers.

MiCA will now be introduced in phases, beginning next July.

EU financial services commissioner Mairead McGuinness called on other parts of the world to follow the EU's lead, adding: "We believe had FTX been captured under the EU's jurisdiction, many of its practices would not have been permissible under MiCA."

Anna Carrier, legal consultant at Norton Rose Fulbright warns that firms will need to take swift action: "With a relatively short implementation timeframe and a need for technical secondary legislation to be developed before MiCA becomes applicable, the industry faces some busy months ahead."

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