The crypto regulation rules that the European Union has been working on for a long time have been published in the official gazette as of today. 27 member countries have prepared a comprehensive regulation on the crypto money sector as a result of their joint cooperation. With this development, the countdown has begun for the digital asset regulation to come into effect.
The Crypto Asset Markets law, called MiCA, sets clear rules for Bitcoin and similar digital assets in many areas from crypto exchanges to banks.
New Crypto Regulations
From now on, institutions existing in the crypto sector in Europe will be subject to certain license conditions. The EU requires all startups that provide exchange and custody services to retain customer information. Banks, on the other hand, are required to hold certain amounts of assets against the crypto money in their hands. Legislators have also signed important regulations on stablecoins.
With the said legislation, the European Union became the first major jurisdiction in the world to make a full-scale regulation. The first 2 articles of the 200-page package law will come into effect next July. Other important regulations will be put into effect in July 2024 and December 2024.
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