• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»EU lawmakers approve world’s first comprehensive crypto regulation
Finance

EU lawmakers approve world’s first comprehensive crypto regulation

April 20, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Britain could see crypto regulation in 12 months, lawmaker says
Share
Facebook Twitter LinkedIn Pinterest Email

Markets in Crypto-Assets (MiCA) is the first attempt at creating comprehensive regulation for digital assets in the EU.

Sopa Images | Lightrocket | Getty Images

Lawmakers in the European Parliament have approved the world’s first comprehensive package of rules aimed at regulating the cryptocurrency industry.

In a vote Thursday, the EU Parliament voted 517 in favor and 38 against to pass the Markets in Crypto Act, or MiCA. The legislation, which seeks to reduce risks for consumers buying crypto assets, will mean providers can become liable if they lose investors’ crypto-assets.

The rules will impose a number of requirements on crypto platforms, token issuers and traders around transparency, disclosure, authorization, and supervision of transactions, the EU Parliament said in a statement Thursday.

Platforms will be required to inform consumers about the risks associated with their operations, while sales of new tokens will also come under regulation.

Stablecoins like tether and Circle’s USDC will be required to maintain ample reserves to meet redemption requests in the event of mass withdrawals. Stablecoins that become too large also face being limited to 200 million euros ($220 million) in transactions per day.

The European Securities and Markets Authority, or ESMA, will be given powers to step in and ban or restrict crypto platforms if they are seen to not properly protect investors, or threaten market integrity or financial stability.

MiCA also addresses environmental concerns surrounding crypto, with firms forced to disclose their energy consumption as well as the impact of digital assets on the environment.

Mairead McGuinness, European commissioner for financial services, lauded the law’s approval Thursday and said she expects the rules to start applying “from next year.”

See also  In Bolivia, China Signs Deal For World’s Largest Lithium Reserves
City minister Andrew Griffith: Crypto regulation in UK due in next 12 months

Andrew Whitworth, EMEA policy director for blockchain firm Ripple, said the parliamentary blessing marked “an important milestone for the crypto industry around the world.”

“Consistency in implementation around the EU will be key in providing crypto companies with the operational clarity to fuel innovation across Europe and guard against unwitting fragmentation of the Single Market,” Whitworth told CNBC via email.

“As part of this, there is a need to ensure that the legislation is applied proportionally with regards to how different companies’ crypto offerings are treated, based on the risk profiles of their activities.” 

A step ahead of the U.S.

Parliament also cleared a separate law which aims to reduce the anonymity involved in transfers of cryptocurrencies like bitcoin and stablecoins, voting 529 to 29 to pass the Transfer of Funds regulation.

This applies the so-called “travel rule,” which requires financial companies to screen, record and communicate information on both sender and recipient, to crypto transactions to help combat money laundering.

Transfers between exchanges and so-called “self-hosted wallets” owned by individuals will need to be reported if the amount tops the 1,000-euro threshold, a contentious issue for crypto enthusiasts who often trade digital currencies for privacy reasons.

In a tweet, Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, said his company was “ready to make adjustments to our business over the next 12-18 months to be in a position of full compliance.”

Binance is under intense scrutiny from regulators over how it operates. In March, the Commodity Futures and Trading Commission sued Binance, Zhao and Binance’s former chief compliance officer, Samuel Lim, alleging the company actively solicited U.S. users without permission.

See also  Chevron Announces Leadership Shakeup As Q2 Earnings Tumble Nearly 50%

Zhao hailed MiCA as a “pragmatic solution to the challenges we collectively face.”

Regulators have sought to rein in the crypto market in the wake of numerous catastrophic industry failures. In May, terraUSD, a controversial stablecoin project, unraveled in a $60 billion flameout after investors lost confidence in its technical underpinning.

The demise of terraUSD caused a chain reaction in the industry, with various other firms, including Three Arrows Capital, BlockFi and Voyager Digital going bust as well. FTX, formerly the fourth-largest crypto exchange, filed for bankruptcy in November in the most high-profile crypto industry failure to date.

The move puts the EU a step ahead of the U.S. and U.K., which are yet to bring in formal rules for the crypto space. A U.K. official on Monday said specific crypto regulation could come into force within a year or so.

Once the EU laws come into effect, crypto companies will be able to use their licenses in one European country to “passport” their services across various member states. Crypto companies have been scrambling to obtain licenses from various European authorities and open new offices in anticipation of the law coming into effect.

Crypto exchanges Coinbase and Kraken recently got virtual asset service provider licenses in Dublin. Blockchain firm Ripple is seeking a license from the Irish central bank.

Coinbase CEO slams SEC, considers investing more outside the U.S.

U.S. crypto companies have been looking abroad for expansion in response to tough regulatory moves in their home turf. The Securities and Exchange Commission issued Coinbase with a Wells notice, which is often one of the final steps before the regulator formally issues charges, last month.

See also  Vietnam Has a Long Way to Go on Decarbonization

On Thursday, Coinbase CEO Brian Armstrong told CNBC at a fintech event the company is prepared for a “years-long” legal battle with the SEC.

He said separately in a talk on stage that the U.S. “has the potential to be an important market in crypto” but right now is not delivering regulatory clarity. If this goes on, he said, then Coinbase would consider options of investing more abroad, including relocating from the U.S. to elsewhere.

– CNBC’s Arjun Kharpal contributed to this report

WATCH: FTX’s collapse is shaking crypto to its core. The pain may not be over

FTX's collapse is shaking crypto to its core. The pain may not be over

approve Comprehensive Crypto Lawmakers Regulation Worlds
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

April 17, 2025

How China’s Companies Are Responding to the US Trade War

April 16, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Fox News Debate Moderators More Concerned About UFOs than Trans Athletes Ruining Women’s Sports

August 24, 2023

Sri Lanka’s Debt Restructuring Talks With Private Bondholders Hit a Snag

April 24, 2024

‘His Agenda Coming To Life’: Trump Secures Massive Foreign Investment To Build Out US Data Centers

January 7, 2025

3M settles, XPeng buys, Rite Aid preps: Stocks trending Monday morning

August 28, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Financial Titan Warns Of Impending ‘Distress’ That Could Devastate Small Banks

June 11, 2024

20 Tips to Help You Through The Midweek Slump

September 6, 2023

Entertainment Weekly Not Sure if Louis C.K. Was Canceled

September 12, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.