On 20th April 2023, the European Parliament gave its final blessing to the new Markets in Crypto-Assets Regulation ("MiCA"). MiCA is a regulatory framework for the crypto industry in Europe aiming to provide several benefits to the industry, including:

- Legitimacy and recognition: MiCA would provide a clear regulatory framework for crypto assets, which would increase the legitimacy and recognition of the industry in Europe.
- Investor protection: The regulation would establish rules and standards for the protection of investors, which would help prevent fraud and scams in the industry.
- Enhanced market integrity: The regulation would promote market integrity by establishing transparency requirements, such as disclosure and reporting obligations for issuers and service providers.
- Increased competition: MiCA would establish a level playing field for all crypto asset service providers, promoting competition in the market and providing more choice for consumers.
- Harmonization: The regulation would create a harmonized regulatory environment across the European Union, reducing fragmentation and making it easier for businesses to operate across borders.

Overall, the MiCA regulation is expected to bring clarity, stability, and confidence to the crypto industry in Europe, making it more attractive to investors and businesses alike.

MiCA forms part of the EU's broader digital financial package, which includes the Digital Operational Resilience Act and the Pilot Regime on Distributed Ledger Technology.