WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Facebook X (Twitter) LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Bitcoin (BTC) $26,154.01 0.02%Ethereum (ETH) $1,585.08 0.65%BNB (BNB) $211.61 1.50%XRP (XRP) $0.501001 0.79%Cardano (ADA) $0.24557 0.46%Solana (SOL) $19.26 1.64%Dogecoin (DOGE) $0.060604 0.41%Polkadot (DOT) $4.01 1.12%Shiba Inu (SHIB) $0.000007 0.07%Dai (DAI) $0.999666 0.03%TRON (TRX) $0.084605 0.66%Polygon (MATIC) $0.518808 0.95%Avalanche (AVAX) $8.97 1.76%Uniswap (UNI) $4.24 0.32%Litecoin (LTC) $63.99 0.55%
Crypto Prices
WebsCrypto
News

EU Parliament Approves Groundbreaking Cryptocurrency Regulations

By Simon LawsonApril 24, 20232 Mins Read
EU Parliament Approves Groundbreaking Cryptocurrency Regulations
Share
Facebook Twitter Telegram LinkedIn Reddit Email

In a historic move, the European Parliament has approved new regulations governing the use of cryptocurrencies within the EU. Known as MiCA, the regulations are the first comprehensive set of laws designed to regulate the use and trading of digital currencies within a jurisdiction.

EU lawmakers approved the MiCA by a vote of 517 to 38 with 18 abstentions, ushering in a new era of regulation in the digital currency space.

Advertisements

Additionally, the European Parliament voted 529 to 29 in favor, with 14 abstentions, to pass a separate law, the Money Transfer Regulation, requiring cryptocurrency operators to identify their customers to prevent money laundering.

In debates ahead of the vote, lawmakers overwhelmingly backed plans to require cryptocurrency wallet providers and exchanges to seek licenses to operate across the EU and require stablecoin issuers to maintain adequate reserves.

Related News:
  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support

The legislation is expected to come into force in July after it has been formally ratified by all 27 EU member states, EU Financial Services Commissioner Merede McGuinness said. Specific requirements will be implemented gradually, such as stablecoin rules that will come into force in July 2024.

The approval of the MiCA regulations marks a major milestone for the cryptocurrency industry, which has been grappling with a lack of consistent regulation across jurisdictions. The new law will provide clarity and transparency to investors, businesses and regulators alike, and may pave the way for further innovation in the digital currency space.

However, some experts have expressed concern that the regulations could stifle innovation and create barriers to entry for smaller players in the industry. Others argue that the regulations do not do enough to address issues such as consumer protection and market manipulation.

Despite these concerns, the approval of the MiCA regulations represents an important step forward for the cryptocurrency industry and could serve as a model for other jurisdictions looking to regulate digital currencies in a comprehensive and effective manner.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Cryptocurrency Exchange Regulation Stablecoin
Simon Lawson
  • X (Twitter)

Simon Lawson has been a professional financial reporter for 6 years. He has in-depth research on the crypto industry and will release major crypto news in a timely manner.

Recommended Reading

Markets September 25, 2023

Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn

Markets September 25, 2023

NFT Market Faces Significant Decline Amidst Broader Crypto Challenges

Business September 24, 2023

Crypto Companies Shift Focus Outside the U.S. Amid Regulatory Pressures

News September 22, 2023

Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline

Markets September 22, 2023

Federal Reserve Holds Steady on Interest Rates; Bitcoin Maintains Support at $27,000

Markets September 22, 2023

Bitcoin and Ethereum Navigate Volatile Waters Ahead of FOMC Decision

The Latest
Markets September 25, 2023

Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn

Markets September 25, 2023

NFT Market Faces Significant Decline Amidst Broader Crypto Challenges

Business September 24, 2023

Crypto Companies Shift Focus Outside the U.S. Amid Regulatory Pressures

News September 22, 2023

Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline

Markets September 22, 2023

Federal Reserve Holds Steady on Interest Rates; Bitcoin Maintains Support at $27,000

EDITOR’S CHOICE
Ether (ETH) Prices are Trading at 27% Discount to Fair Value, New Research Shows
Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline
DeFi Economic Activity Declines in August
Crypto Companies Shift Focus Outside the U.S. Amid Regulatory Pressures
News
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Markets
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Price Indexes
  • Market Cap
  • Bitcoin Price
  • Ethereum Price
  • Cardano Price
  • Solana Price
  • Polkadot Price
  • Polygon Price
Services
  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Service
WebsCrypto
X (Twitter) Facebook Telegram LinkedIn RSS
© 2023 WebsCrypto

Type above and press Enter to search. Press Esc to cancel.