As reported by The Block, the European Parliament passed cybersecurity legislation for digital finance and crypto asset service providers, the Digital Operations Resilience Act (DORA), with 556 votes in favor and 18 against, regulations related to the law It will enter into force 24 months after publication in the Official Journal of the European Union and is expected to be in 2025.

DORA aims to harmonize risk management requirements and processes for reporting cybersecurity incidents. Financial institutions will be required to monitor and report security incidents, technology service providers will be subject to oversight by European regulators, and DORA stems from the EU’s 2020 digital finance package. Additionally, the vote on MiCA has been postponed until February next year.