The European Parliament approved the law on the regulation of cryptocurrencies – Kommersant
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The European Parliament approved bills that will regulate the cryptocurrency market in the EU. In particular, the parliamentarians supported (529 votes in favor, 29 against and 14 abstained) a bill on tracking cryptocurrencies and digital tokens. As in the case of traditional currencies, all transactions with digital currencies will need to become traceable, and if necessary, regulators should have the tools to block suspicious or illegal transactions. In addition, information about the source of the asset and its recipient will have to “travel” with the transaction and be stored on both sides of the transfer.
The second bill (MiCA) was supported by 517 parliamentarians with 38 votes against. It introduces general rules for supervision, consumer protection and the mandatory provision of crypto assets.
Now the bills must be approved by the Council of Europe, and 20 days after that the bills will officially come into force. Presumably, a pan-European law on the regulation of cryptocurrencies will come into force in June of this year. However, most of its provisions will only be applied in practice after 12 months, that is, from mid-2024.
More about the bills – in the material “Kommersant” “Europe will end the Wild West in the crypto market”.
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