The EU has approved the world’s first cryptocurrency regulations
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The European Union states on Tuesday finally approved the world’s first comprehensive set of rules for the regulation of crypto-assets. This is reported by Reuters.
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New rules
At the meeting of EU finance ministers in Brussels, the rules developed together with the European Parliament, which approved them in April, were approved.
Regulation of the cryptocurrency market has become more relevant for regulators after the collapse of the FTX cryptocurrency exchange.
“Recent events have confirmed the urgent need to introduce rules that will better protect Europeans who have invested in these assets and will prevent the abuse of the crypto industry for the purpose of money laundering and terrorist financing,” said Elizabeth Svantesson, Minister of Finance of Sweden, which holds the EU presidency.
The rules require that companies wishing to issue, trade and store crypto-assets, tokenized assets and stablecoins in the 27 countries of the European Union obtain a license.
Read: How to buy and sell cryptocurrency in exchanges
Crypto firms declare that they want certainty in regulation, putting pressure on countries to copy EU rules, and on regulators to develop global norms for cross-border activity.
Britain outlined a phased approach, starting with stablecoins and expanding it to unbacked cryptoassets later, but there is no clear timetable for the introduction of rules.
The United States has focused on using existing securities rules to enforce the sector while it decides whether to introduce new rules and who will enforce them.
Background
On April 20, the European Parliament adopted the MiCA law on the legalization and regulation of crypto assets in the EU.
Source: Ministry of Finance
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