The European Union has taken an important step towards creating a crypto-friendly environment, and Ripple CEO Susan Friedman has welcomed the recent passage of Crypto-Asset Markets (MiCA) legislation.
Ripple director Susan Friedman recently rented the European Union’s step-by-step approach to cryptocurrency regulation as the European Parliament passed the Crypto-Asset Markets (MiCA) legislation.
In his tweet, Friedman expressed enthusiasm for the EU’s sensible regulatory measures over the US’ focus on enforcement.
She highlighted Ripple’s eagerness to build and grow in the European market, joining the ranks of other leading crypto companies such as Binance, Coinbase and Kraken in welcoming the new legislation.
MiCA is poised to provide regulatory clarity and harmonization for crypto businesses operating across Europe. With 517 MPs voting in favor and only 38 against, the legislation now moves to its final formal vote in the Council of the EU on May 16.
Upon publication in the Official Journal of the EU, the regulation will enter into force for stablecoin issuers in June 2024 and for all other crypto-asset service providers in December 2024. according to Patrick Hansen of Circle.
The EU’s main objectives with MiCA are to protect consumers who engage in crypto transactions, to create regulatory harmonization to enable businesses to operate EU-wide, to provide legal certainty to companies and institutions entering the space and establishing a leading role in global crypto regulation. . This comprehensive framework provides businesses with clear rules for various services, including token issuance, trading, and custody, enabling fair competition and innovation.
With the adoption of MiCA, the EU is set to become the next global hub for crypto projects due to regulatory clarity and its large single market of 450 million consumers.