On Tuesday, the finance ministers of the European Union (EU) unanimously approved the Markets in Crypto Assets regulation (MiCA), which requires crypto firms to seek a license to operate across the bloc and stablecoin issuers to hold suitable reserves.

The EU is set to be the first major jurisdiction in the world with a crypto licensing regime. The new rules also include anti-money laundering measures on crypto funds transfers. The finance ministers are expected to formalize their consent to new measures that will allow tax authorities to share data on people's crypto holdings on Tuesday.