The European Council adopted the package of rules — known as Markets in Crypto Assets, or MiCA — in the final step of the bloc’s legislative process. European Parliament lawmakers endorsed the rules in April, and they’re expected to start taking effect in phases starting in July 2024.
The tighter European scrutiny follows a spate of high profile crypto scandals including the collapse of trading firm FTX and the implosion of the TerraUSD stablecoin.
The rules are aimed at improving transparency and combating money laundering and will cover stablecoins — which are usually tied to a hard currency or a commodity like gold that make them less volatile than normal cryptocurrencies.
This story is from the May 20, 2023 edition of Techlife News.
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This story is from the May 20, 2023 edition of Techlife News.
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