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EU Member States Unanimously Support Markets in Crypto Assets Regulation (MiCA) and New Crypto Tax Laws

On May 16, the European Union's council received unanimous support from all 27 member states for the Markets in Crypto Assets regulation (MiCA), bringing it one step closer to becoming law. The regulation will officially regulate crypto operators across Europe and is expected to be implemented around mid-2024. In addition to MiCA, new crypto tax laws were also agreed upon, requiring operators to disclose customer holdings to tax agencies and implementing anti-money laundering measures. The EU will become the first major jurisdiction in the world to implement crypto rules and establish a standard licensing policy.

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