European Parliament approves MiCA and travel rule regulations, updated texts disclosed
On 20 April 2023, the European Parliament voted in favour of the Markets in Crypto Assets regulation (MiCA) and the regulation on information accompanying transfers of funds and certain crypto-assets (Travel Rule Regulation).
Both legislative acts will now have to be formally adopted by the Council of the European Union before their publication in the Official Journal of the European Union.
Assuming the Council of the European Union formally adopts MiCA and the Travel Rule Regulation, they are set to enter into force 20 days following their publication, with most of their provisions becoming applicable 18 months later. It is expected that the Council will vote on the texts during May 2023.
The European Parliament press release can be found here.
The text of MiCA adopted by the European Parliament on 20 April can be found here.
The text of the Travel Rule Regulation adopted by the European Parliament on 20 April can be found here.