EU Parliament Backs World’s First Rules To Regulate Crypto Assets

European Parliament heavily supported thursday European UnionThe first set of rules to regulate the crypto asset markets.

Parliament voted 517 in favor and 38 against to issue and approve the world’s first comprehensive set of rules for trade. assets As if Bitcoin,

“This regulation brings a competitive advantage to the EU,” said Stefan Berger, the MP who steered the regulations through Parliament.

“The European crypto-asset industry has regulatory clarity that is not present in countries like the US,” Berger said.

EU states have already approved regulations that will begin in mid-2024, requiring firms that issue and trade cryptocurrencies to be licensed by a national regulator. The 27-member countries offer “passports” to service customers in the bloc. ,

Major service providers will have to disclose their energy consumption.

“I hope our rules can become a model for other countries,” EU financial services chief Mairead McGuinness said in a debate on the rules on Wednesday.

Parliament also endorsed new rules to trace the transfer of crypto assets such as bitcoin and electronic money tokens.

It enforces the international “rule of travel” already used in traditional financial transactions, meaning that information about the source and recipient of cryostats must be carried along on both sides of the transfer to help combat money laundering. and will be stored.

The tracing rule also covers transactions above 1,000 euros from a “self-hosted” wallet or private user’s crypto address.

© Thomson Reuters 2023