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EU agrees to rules for tame the "Wild West" crypto market

The European Union has agreed on groundbreaking rules for regulating crypto assets, EU parliamentarians said Thursday. ..

Globally, crypto assets are largely unregulated and EU domestic operators are only required to show control to combat money laundering.

European Parliament and representatives of EU member states have closed transactions in the crypto-asset (MiCA) law market, which is expected to come into effect by the end of 2023.

"Today we have put an order in the wild west of crypto assets and set clear rules for a harmonious market," said the Central Right, who led the negotiations on behalf of Congress. Congressman Stefan Berger said.

"The recent decline in the value of digital currencies shows how risky, speculative and action-based they are," Berger said. ..

MiCA is the world's first comprehensive crypto asset system, with strong measures to prevent market abuse and manipulation, said Ernest Urtasun, a member of Parliament's Greens. Added.

The new law will serve crypto asset issuers and related service providers from a single location to clients throughout the EU, while meeting capital and consumer protection rules. I will provide you with a passport.

The two major crypto centers, the United States and the United Kingdom, have not yet approved similar rules.

After the collapse of TerraUSD and luna tokens last month, crypto assets have been under pressure, and this month the major US crypto lender, Celsius Network, has frozen withdrawals and transfers.

Bitcoin collapsed to about $ 17,600 this month and was trading at about $ 18,900 on Thursday. This is well below the late March level of $ 48,200 due to investors suffering losses.

Thursday's negotiations focused on issues such as crypto asset monitoring and energy consumption.

"Cryptocurrency providers have agreed that they need to disclose the energy consumption and environmental impact of their assets in the future," Berger said.

EU member states will be the main regulators of cryptocurrency companies, but Block's securities watchdog ESMA has the authority to intervene if investor protection or financial stability is threatened. Rep. Urtasun said.