European Parliament Overwhelmingly Passes Sweeping Crypto Asset Regulation, Here’s What’s Next

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European lawmakers have just approved a duo of new rules that will give member countries of the European Union (EU) a uniform legal framework to govern the market for digital assets.

On Thursday, Members of the European Parliament (MEPs) voted 529 to 29 with 14 abstentions in favor of a law to trace transfers of Bitcoin (BTC) and other crypto-assets.

The legislation, which aims to ensure that crypto transfers can always be traced and suspicious transfers blocked, covers transactions worth more than 1,000 between self-hosted wallets of private users and wallets managed by service providers. of crypto-assets.

Lawmakers also voted 517 to 38 with 18 abstentions to pass the Crypto Asset Markets (MiCA) Regulations, which provide rules covering the supervision, consumer protections and environmental safeguards of crypto assets. The law also includes measures against other financial crimes, including market manipulation, money laundering and terrorist financing.

According to Stefan Berger, Chief MEP for the MiCA Regulation,

“This regulation brings a competitive advantage to the EU. The European crypto-asset industry has a regulatory clarity that does not exist in countries like the United States.

The European Parliament says the rules still need to be formally approved by the Council of the European Union and published in the Official Journal of the EU before they can come into force.

The texts will now have to be formally approved by the Council, before publication in the Official Journal of the EU. They will come into effect 20 days later.

By passing this legislation, Parliament is responding to citizens’ expectations to establish safeguards and standards for the use of blockchain technology.

EU Financial Services Commissioner Mairead McGuinness said the new regulations will apply by next year.

I welcome the European Parliament’s vote today to approve comprehensive EU crypto rules: a world first. The rules will start to apply from next year. protected consumers and safeguarded financial stability and market integrity.

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