European Union Just Adopted New Comprehensive Crypto Regulation

It’s been just revealed the fact that the European Union has just adopted new comprehensive crypto regulation. Check out the latest reports about this below.

According to the latest reports coming from the online publication the Daily Hodl, the European Union (EU) has now passed comprehensive legislation to regulate the cryptocurrency industry.

The Markets in Crypto Assets (MiCA) regulation will create a uniform set of rules for crypto across the EU and was passed unanimously on Tuesday.

“Crypto companies will need to obtain a license from national regulators and adhere to strict rules under the MiCA regulation,” the same notes revealed.

This framework will also establish supervision for crypto markets, granting regulators the power to investigate and prosecute cases of market manipulation and fraud.

Elisabeth Svantesson, Sweden’s minister for finance and the chair of the meeting, stated the following about the importance of the landmark regulation,

“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism…”

She continued and stated the following:

“Today’s decision is bad news for those who have misused crypto-assets for their illegal activities, to circumvent EU sanctions or to finance terrorism and war. Doing so will no longer be possible in Europe without exposure – it is an important step forward in the fight against money laundering.”

The SEC has targeted the operators of dozens of fraudulent websites that it alleges were offering “exorbitant returns” for investments. These are in a range of securities offerings, including crypto asset mining pools.

According to the reports coming from Blockworks, while the US securities regulator has gone after crypto companies for what it claims to be potential securities violations, the latest signals its continued enforcement spree against what Eversheds Sutherland partner Adam Pollet called “garden-variety” fraud and misappropriation where crypto serves as the bait.