The EU has become the first major jurisdiction to pass comprehensive crypto laws, with the approval of the Markets in Crypto Assets (MiCA) and Transfer of Funds regulations.

This move aims to halt money laundering and restore trust in the crypto industry, following recent events such as the collapse of FTX, Celsius Network, and Voyager Digital.

MiCA will allow regulated services across the bloc and require stablecoin issuers to hold sufficient reserves. The regulations are set to take effect in June and bring stability to the sector.