Companies must obtain a license to carry out transactions; standards should start to be valid in July 2024
The EU (European Union) member countries approved this Tuesday (May 16, 2023) a set of rules in the world to regulate crypto assets. The decision was taken at a meeting of the finance ministers of the European bloc, in Brussels, Belgium. Here’s the full of the press release (40 KB, in English).
Known as MiCA (acronym for Cryptocurrency Markets), the project (2 MB, in English) was introduced in September 2020 and received the endorsement of the European Parliament on 20 April. There were 525 votes in favour, 29 against and 14 abstentions.
It establishes that companies obtain a license to issue and trade cryptoassets, tokenized assets and stablecoins in the European bloc.
In addition, crypto service providers must protect customers’ electronic wallets and will be responsible if these assets are lost.
The changes should take effect in July 2024 and cover transactions greater than €1,000 (equivalent to R$5,368 at current exchange rates). The aim is to ensure that cryptocurrency transfers are tracked and suspicious activity is blocked.
“MiCA will protect investors increasing transparency and implementing a comprehensive framework for issuers and service providers, including compliance with anti-money laundering rules”the EU said in a statement.
The regulation of the crypto market was considered urgent by the European Union after the collapse of the FTX. In November of last year, the exchange of cryptocurrencies filed for bankruptcy.
The brokerage’s founder, Sam Bankman-Fried, was accused of embezzling $1.8 billion from investors in the company. Two of Bankman-Fried’s top associates have pleaded guilty to defrauding investors on the platform.
Read more about it:
#approves #rules #regulating #crypto #assets