The European Union has taken some major steps towards the adoption of cryptocurrencies with their recent passing of two separate laws that govern the crypto industry, on Thursday. Parliament has endorsed the first EU rules to trace crypto-asset transfers, prevent money laundering...
The European Union has taken some major steps towards the adoption of cryptocurrencies with their recent passing of two separate laws that govern the crypto industry, on Thursday.
Parliament has endorsed the first EU rules to trace crypto-asset transfers, prevent money laundering, as well as common rules on supervision and customer protection.
Press release: https://t.co/t105fHevXz pic.twitter.com/UycXJwDJRF— European Parliament (@Europarl_EN) April 20, 2023
The first, MiCA (Markets in Crypto-Assets Regulation) is a licensing regime that requires crypto operators to hold a license to operate within the EU bloc, while also requiring them to identify customers in a bid to limit money laundering activities.
MiCA will focus on transparency, disclosure, authorization, and supervision of transactions. Customers will be better informed about the risks, costs, and charges associated with their transactions.
Transactions exceeding €1,000 from self-hosted wallets interacting with hosted wallets managed by crypto-asset service providers will also be regulated. However, the rules will not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf.
The Markets in Crypto Assets regulation, initially proposed by the European Commission in 2020, needed approval from both the Parliament and the EU’s Council, representing the bloc’s member states, to become law.