European Parliament approves first EU-wide cryptocurrency regula

European Union lawmakers voted 517-38 in favor on Thursday, with 18 abstentions, to introduce new cryptocurrency regulation MiCA, becoming the first jurisdiction in the world to introduce comprehensive encryption regulations. The European Parliament also voted 529 to 29 in favor, with 14 abstentions, to finalize a separate law called the Funds Transfer Regulation, which would require cryptocurrency operators to identify their customers to stop money laundering.
The vote followed a debate on Wednesday in which lawmakers largely backed plans to let crypto wallet providers and exchanges seek licenses to operate across the European Union and require stablecoin issuers to maintain adequate reserves.