A slew of new rules to govern the use of cryptocurrency and digital assets throughout the European Union have been approved.
Member states of the 27-nation bloc adopted the legislative package known as Markets in Crypto Assets (MiCA) this afternoon.
MiCA was endorsed by the European Parliament last month, paving the way for robust legislation to come into effect from July 2024.
Policymakers say the set of rules – largely designed around stablecoins – were designed to improve transparency and prevent money laundering.
Swedish Finance Minister Elisabeth Svantesson, who is the current president of the European Council, explained MiCA would protect crypto users in the EU.
“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism,” she said.
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