EU Parliament Approves Landmark Crypto Licensing and Funds Transfer Rules

The EU has taken a major step forward in crypto regulation, with the Markets in Cryptoassets (#MiCA) Regulation becoming the first-ever crypto licensing regime. This groundbreaking law will position the EU as a leader in crypto lawmaking and is set to be implemented as early as 2024.

Under the new regulation, #cryptocurrencies and other #tokens will be classified and subject to complete and transparent information requirements, as well as disclosure and transparency rules. This will provide greater regulatory certainty and consumer protection in the crypto market while supporting innovation, according to María José Escribano, a digital regulation expert at BBVA.

The EU has also reinforced its anti-money laundering efforts with the Transfer of Funds Regulation, which requires accurate customer identification and specifies the information required for electronic fund transfers.

These landmark votes will have far-reaching impacts on the crypto industry, offering increased certainty and integrity for companies, customers, and #investors alike. It's an exciting time for European crypto markets as they continue to evolve and grow.