European Parliament overwhelmingly passes sweeping cryptoasset regulations – here’s what’s next
European lawmakers have just approved a duo of new rules that will give European Union (EU) member states a unified legal framework to govern the digital assets market.
On Thursday, Members of the European Parliament (MEPs) voted 529-29 with 14 abstentions in favor of a law to track transfers of Bitcoin (BTC) and other crypto-assets.
The legislation, which seeks to ensure that crypto transfers can always be traced and the suspicious blocked, covers transactions worth over €1,000 between self-hosted wallets of private users and wallets managed by crypto asset service providers.
Lawmakers also voted 517–38 with 18 abstentions to pass the Markets in Crypto Assets Regulation (MiCA), which provides rules covering oversight, consumer protection and environmental protection of crypto assets. The law also includes measures against other financial crimes, including market manipulation, money laundering and terrorist financing.
Says Stefan Berger, MEP leader for the MiCA regulation,
“This regulation gives the EU a competitive advantage. The European crypto-asset industry has regulatory clarity that doesn’t exist in countries like the US.”
The EU Parliament says that the rules must still be formally approved by the EU Council and published in the EU’s official journal before they can come into force.
“The texts must now be formally approved by the Council before publication in the EU’s official journal. They take effect 20 days later.
By passing this legislation, Parliament is responding to citizens’ expectations to set safeguards and standards for the use of blockchain technology.”
EU Commissioner for Financial Services Mairead McGuinness says the new regulations will apply by next year.
“I welcome the European Parliament’s vote today to approve comprehensive EU rules on crypto: a world first. The rules will come into force from next year. We protect consumers and safeguard financial stability and market integrity.”
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