Report post

What are European Union's new cryptocurrencies rules?

European Union states have given final approval to a sweeping set of beefed-up cryptocurrency rules, giving the 27-nation bloc a global lead in regulating the freewheeling sector. The European Council adopted the package of rules, known as Markets in Crypto Assets on Tuesday. It's the final step in the 27-nation bloc’s legislative process.

When will EU crypto rules be rolled out?

An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. The rules are expected to be rolled out from 2024. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX.

What are the new crypto rules?

The rules require firms that want to issue, trade and safeguard cryptoassets, tokenised assets and stablecoins in the 27 country bloc to obtain a licence. Ministers took steps to combat tax evasion and the use of cryptoasset transfers for money laundering by making transactions easier to trace.

The World's Leading Crypto Trading Platform

Get my welcome gifts