Get All Access for $5/mo

EU States Give Nod To the World's First Comprehensive Crypto Rules The rules are expected to be set in motion in phases from 2024

By Paromita Gupta

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

On Tuesday, the European Union, comprising 27 member states, announced the approval for the world's first comprehensive cryptoassets rules known as Markets in Crypto Assets, or MiCA. The said rules will look over the governing issuance and operations related to cryptoassets.

"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 the crypto industry for the purposes of money laundering and financing of terrorism," said Elisabeth Svantesson, Swedish finance, the current holder of European Council presidency.

The rules are expected to be set in motion in phases from 2024. MiCA will have the 27-country bloc authorize the firms who wish to issue, trade and safeguard crypto assets, tokenized assets and stablecoins. The decision was taken keeping in mind the FTX collapse, the need to regulate the open space, and combat tax evasion and money transfers. The companies will also have to discloe informatin pertaining to risks, costs and chargers borne by consumers.

Ministers have agreed upon the fact that from January 2026, service providers will maintain a record of crypto asset senders and beneficiaries, irrespective of the amount transferred. They further agreed upon amending rules on how the bloc countries cooperate with each other for taxation, transactions and information.

The move will be putting pressure on other countries with emphasis on Britain and US.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Diversity

5 Ways You Can Create a More Inclusive Workplace Immediately -- and Why You Should

The more diversity you bring to your team, the greater your chances of finding groundbreaking insights and solutions.

News and Trends

Tech Burner's Anarc Smartwatch Achieves INR 3 Cr Sales with USD 1 Mn Investment

Anarc features a patented octagonal design by Thought Over Design and Seymourpowell, with a medical-grade stainless steel body. It includes advanced technology like a Hisilicon chipset, AMOLED display, and seven-day battery life.

Marketing

4 Neuromarketing Hacks to Reach More People and Maximize Results

You don't need to be a neuroscientist or have a big budget to start upping your conversions immediately.

News and Trends

Fintech Start-Up CredFlow Secures $3.7M Pre-Series B Funding

CredFlow said that the funding proceeds will go towards "optimizing and scaling the startup's financial services and lending verticals, as well as towards improving its tech and innovation capabilities."

Business News

'Do You Sell Cars?': Tesla CEO Elon Musk Trolls Jaguar Rebrand on X

The team running Jaguar's X account was working hard on social media this week.