European Union lawmakers signed off the Markets in Crypto Assets Regulation (MiCA) legislation that hopes to regulate the digital asset space within the union, Decrypt reports.
European Parliament officials voted 28 to 1 in favor of the legislation, which will, if passed in the next vote, require stricter rules for crypto companies.
The MiCA bill asks those issuing crypto to publish a “crypto-asset white paper” containing information about their project.
It also asks stablecoin companies to meet capital requirements: such entities will be restricted on how many tokens they can issue if they are not denominated in euros or other currencies used by E.U. member states.