The European Parliament approved the first EU-wide cryptocurrency regulation (MiCA), and European Financial Services Commissioner Mairead McGuinness said on Wednesday that she expects the legislation to take effect after the 27 EU member states formally approve it. Specific requirements will take effect gradually. For example, the rules governing stablecoins will apply from July 2024. Once implemented, MiCA will require any company providing crypto-related services in the EU to obtain registration in one of the EU member states, which will then allow them to operate throughout the EU. The European Banking Authority and the European Securities and Markets Authority will be responsible for ensuring that crypto platforms comply with the rules, including having adequate risk management and governance processes. (Bloomberg)