MiCA and ToFR: The EU moves to regulate the crypto-asset market
— Moves, Tofr, Regulate, Asset, European, Rules, Digital, Assets, Crypto, Cryptoasset — 1 min read
The European Union reached an agreement on how to regulate the crypto-asset industry in June. The EU's main legislative proposal to oversee the industry in its 27 member countries is Markets in Crypto-Assets (MiCA) The Transfer of Funds Regulation (ToFR) imposes compliance standards on crypto assets to crack down on money laundering risks in the sector. MiCA is one of the legislative proposals developed within the framework of the digital finance package launched by the European Commission in 2020. Such proposals are still provisional, as they need to pass through the EU's Economic and Monetary Affairs Committee, followed by a plenary vote, before they can enter into force. All proposals are only a draft bill that, to come into force, needs to be considered by the 27 Source