2023-05-16 23:27:30
European Union adopts regulation for crypto assets
The European Council adopted the regulation for the crypto market (MiCA) this Tuesday, 16, establishing for the first time a legal framework for the sector in the European Union (EU).
The new rules apply to issuers of utility tokens; assets classified as tokens; and stablecoins (cryptocurrencies backed by stable assets) – in addition to service providers for trading or storing cryptoassets.
“Recent events have confirmed the urgent need to impose rules that better protect Europeans who have invested in these assets, and that prevent the misuse of the crypto industry for money laundering and terrorist financing purposes,” said Swedish Finance Minister Elisabeth Svantesson.
The proposed regulation was first presented by the European Commission in 2020. The formal adoption of MiCA is the last stage of the legislative process, the EU body said in a statement.
The Commission said in a statement that MiCA “will protect investors by increasing transparency and implementing comprehensive regulation for issuers and service providers, including compliance with anti-money laundering rules.”
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