EU Lawmakers Pass Landmark Crypto Assets Regulation Bill
The European Parliament
Committee on Economic and Monetary Affairs (ECON) has approved the adoption of
the comprehensive Markets in Crypto Assets (MiCA) regulation. It has also
backed the introduction of rules for tracing cryptocurrency transfers, as part
of the latest EU anti-money laundering move.
EU Parliament Committee Approves MiCA
The European Parliament
Committee has approved landmark legislation to regulate crypto assets in the
European Union in the vote ahead of the Parliament’s plenary session on the new
framework.
Representatives of key
EU institutions and member states reached an agreement on the
MiCA proposal earlier this year. The Committee of Permanent Representatives
(COREPER) also endorsed the draft law of the Council of the European
Union last week.
MiCA is meant to
implement uniform regulations for crypto assets across the 27-strong bloc. Among
the stated goals are ensuring consumer and environmental protection as well as
introducing safeguards against market manipulation and financial crime.
"One step
further... The result of the trilogue negotiation on MiCA was accepted by the
ECON committee. Good news," the rapporteur on the legislation, Stefan
Berger, said on Twitter following ECON’s confirmation of the regulation between
the EU Parliament, Council, and Commission.
Countering
money-laundering risks associated with crypto assets is another priority for EU
authorities. Lawmakers from ECON and the Committee on Civil Liberties, Justice,
and Home Affairs (LIBE) also approved a provisional agreement on anti-money
laundering (AML) rules.
The "travel
rule" will be applied to crypto asset flows, according to which
information about the source of the assets and the beneficiary is to be recorded for each transaction. The AML regulations will also apply to transactions from
"unhosted wallets," those of private users when they interact with
wallets managed by service providers.
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