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Europe Vows for Tougher Crypto Tax Rules, MiCA Gets Unanimous Approval

2 mins
Updated by Geraint Price
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In Brief

  • EU members unanimously voted for MiCA legislation.
  • The law will come into effect in July 2024.
  • Meanwhile, the SEC believes that there is no need for separate guidelines for crypto.
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The Market in Crypto-Assets (MiCA) legislation has received unanimous approval from European Union (EU) members as the union moves towards tougher crypto regulations.

Crypto regulation is finally seeing the light of day, with various governments adopting it worldwide. Now, the European Union has also approved its much-awaited MiCA rules for crypto regulations.

All 27 Members Approved MiCA Rules for Crypto Regulations 

The MiCA bill suffered multiple delays, but was deemed necessary, especially after the FTX collapse. Finally, last month it received approval from EU members.

And on Tuesday, all 27 finance ministers cast their final votes in favor of the MiCA law.

European Union (EU) members unanimously vote for MiCA legislation
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According to the IB Times, the rules are particularly aimed at closing the loopholes in the system that allow avoiding taxes. Sweden’s Finance Minister, Elisabeth Svantesson, says, “This reduces the risk of crypto assets being used as a safe haven for tax avoidance and tax fraud.”

The implementation of MiCA legislation will start in July 2024.

Gary Gensler: Rules for Crypto Already Published

While the EU and other major countries are towards clear crypto regulation, the Securities and Exchange Commission (SEC) is unwilling to prepare specific guidelines. 

In a conversation with Tom Barkin, the President of the Federal Reserves Bank of Richmond, SEC chair Gary Gensler affirmed that rules for crypto are already published. He said:

“Our agency has put out rules about what it is to be an exchange, what it means to be a broker-dealer, what it is to be an adviser of custody and assets, and how to register a securities offering.

Those rules exist, and there’s nothing about a new technology that makes it non-consistent with the public policies that Congress has laid out.”

Earlier today, BeInCrypto reported that the SEC refused Coinbase’s request for specific guidelines on crypto regulations. The SEC’s response came after the court ordered it to answer Coinbase’s appeal on May 4.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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