European Council Approves Crypto Regulation Bill

European Council's approval of the thorough Markets in Crypto-Assets law on October 5, the EU has made significant progress in the regulation of cryptocurrencies

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Due to its extensive scope, the measure is expected to have a significant effect on the cryptocurrency market once it is passed.

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The prevention of money laundering, consumer protection, company accountability, the industry's effects on the environment, and stablecoins

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The European rule lays the groundwork for what might be a new era in how large crypto firms conduct business

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The Markets in Crypto-Assets (MiCA) law, which includes a thorough set of regulations for the cryptocurrency market, was adopted by the European Council.

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Since the bill is expected to take effect in 2024, cryptocurrency firms will have up to 18 months to get ready for the changes.

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Credit: Google

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In terms of money laundering, MiCA mandates that the EBA keep a list of crypto asset service providers who are not compliant

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Although officials are likely to address regulating decentralized finance (DeFi) and non-fungible tokens (NFTs) in the future

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