EU lawmakers on Thursday passed what many are calling a landmark set of rules to create a broad, creative and rigorous regulatory framework for virtual value, including financial crime compliance duties, for crypto assets, service providers and currency exchanges.
- In a very short 48 hours for the crypto world and after two years of debate, EU policymakers finalized two major, interrelated legal and regulatory initiatives that will shape crypto oversight across the bloc and the rest of the world for decades to come.
- The first is a broad overarching regulation covering the crypto asset sector, the Markets in Crypto Assets (MiCA) rules, and the second requires exchanges to share customer details: "Rules of the Road." The rules are meant to protect consumers, fight fraudsters, and promote market integrity - a move that could prevent the sector's recent prominent meltdown.