Council of the European Union, which includes 27 countries, unanimously approved bill to regulate the crypto asset market (MiCA). EU member states have also approved new measures to combat money laundering.
Passed on April 20, a bill on comprehensive regulation of the crypto industry requires companies to obtain a license to operate in a block of countries, and stablecoin issuers to have a backup.
“Today we are fulfilling our promise to start regulating the cryptocurrency sector. Recent events have confirmed the need for rules that will protect Europeans who invest in digital assets and prevent the misuse of technology for money laundering and terrorist financing,” Elisabeth Svantesson, head of the Swedish finance ministry, said in a statement.
Beyond MiCA, EU Council agreed tax reporting bill for crypto firms. The document obliges companies to provide state authorities with information on the balance sheets of their clients. The initiative has not yet become an official law – this requires the approval of the European Parliament.
EU vice-president for economics Valdis Dombrovskis said the proposal would help “collect taxes more efficiently and keep pace with evolving technologies.”
“Crypto assets and e-money have great potential to stimulate the economy and innovation, but they also carry risks of reduced transparency and tax evasion or fraud,” he added.
Recall that in May the chairman EBA José Manuel Campa has proposed giving central banks the ability to limit the issuance of stablecoins if they affect public policy goals.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Council of the European Union, which includes 27 countries, unanimously approved bill to regulate the crypto asset market (MiCA). EU member states have also approved new measures to combat money laundering.
Passed on April 20, a bill on comprehensive regulation of the crypto industry requires companies to obtain a license to operate in a block of countries, and stablecoin issuers to have a backup.
“Today we are fulfilling our promise to start regulating the cryptocurrency sector. Recent events have confirmed the need for rules that will protect Europeans who invest in digital assets and prevent the misuse of technology for money laundering and terrorist financing,” Elisabeth Svantesson, head of the Swedish finance ministry, said in a statement.
Beyond MiCA, EU Council agreed tax reporting bill for crypto firms. The document obliges companies to provide state authorities with information on the balance sheets of their clients. The initiative has not yet become an official law – this requires the approval of the European Parliament.
EU vice-president for economics Valdis Dombrovskis said the proposal would help “collect taxes more efficiently and keep pace with evolving technologies.”
“Crypto assets and e-money have great potential to stimulate the economy and innovation, but they also carry risks of reduced transparency and tax evasion or fraud,” he added.
Recall that in May the chairman EBA José Manuel Campa has proposed giving central banks the ability to limit the issuance of stablecoins if they affect public policy goals.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
