European Parliament Overwhelmingly Passes Sweeping Crypto Asset Regulations

It’s been just reported that the European Parliament passes new crypto regulators. Check out the latest reports below.

It’s been just revealed the fact that the European lawmakers just approved a duo of new rules that will give the member countries of the European Union (EU) a uniform legal framework for governing the crypto market.

On Thursday, the members of the European Parliament (MEPs) voted 529-29 with 14 abstentions in favor of a law for tracing transfers of Bitcoin (BTC) and other crypto assets.

The legislation, which seeks to ensure that crypto transfers can always be traced and the suspicious ones blocked, covers transactions worth above €1000 between the self-hosted wallets of private users and wallets managed by crypto asset service providers.

Accoridng to the latest reports coming from the online pubcalaition the Daily Hodl, the legislators also voted 517-38 with 18 abstentions to pass the Markets in Crypto Assets Regulation (MiCA), which provides rules covering the supervision, consumer protection and environmental safeguards of crypto assets.

The law also includes measures against other financial crimes including market manipulation, money laundering, and terrorist financing.

Stefan Berger, lead MEP for the MiCA regulation stated the following:

“This regulation brings a competitive advantage for the EU. The European crypto-asset industry has regulatory clarity that does not exist in countries like the US.”

Despite the price falls, according to the Rich Dad Poor Dad author, Bitcoin will hit $500,000 by 2025, largely driven by the Federal Reserve loosening monetary policy and embarking on a money-printing spree.

“Giant crash coming. Depression possible. Fed forced to print billions in fake money.”

He continued and stated the following:

“By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin [is the] people’s money. Take care.” Check out our previous article in order to learn more details.