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EU Parliament Approves Crypto Licensing, Funds Transfer Rules
The European Union (EU) has approved landmark regulations that will govern cryptocurrencies across the bloc. The new laws require crypto wallet providers, issuers of stablecoins, and crypto exchanges to seek licenses to operate across the EU. The new regulations, known as Markets in Crypto-Assets (MiCA), also introduce measures aimed at preventing money laundering, safeguarding financial stability, and protecting consumers.
World First: The EU Introduces Comprehensive Crypto Law
The EU’s new crypto regulations have been described as a “world first” by the European Commission’s Mairead McGuinness. The EU’s approval of the new crypto laws makes it the first major jurisdiction globally to introduce a comprehensive crypto law. The new regulations aim to create a level playing field for crypto businesses across the EU while ensuring that customers are protected from fraud and financial instability.
Crypto Licensing Requirements
The MiCA regulations introduce new licensing requirements for crypto wallet providers, issuers of stablecoins, and crypto exchanges. To operate legally across the EU, these businesses must obtain a license from their national regulator. The new licensing regime is aimed at preventing the…
