EU passes law requiring reporting of all crypto assets

The European Union (EU) has just passed the world’s first comprehensive legislation on market rules covering crypto assets and crypto transactions.

As reported by Reuters and Watcher Guru, the rules will require the reporting and identification of all crypto transactions across the 27 EU states and the need for crypto firms who want to trade or issue stablecoins to obtain a license.

These are just some of the highlight rules featured in the European Union’s Markets in Crypto Assets or MiCA. The regulations were actually approved by the European Parliament last April but have now gotten final approval from the EU.

The new rules will be rolled out from 2024 onwards.

The new rules are aimed at protecting European citizens from money laundering and fraudulent acts via crypto. There has also been growing pressure for regulation to be legislated following the massive FTX collapse in 2022.

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Luis Miguel Millares

Luis Millares is a Political Science graduate of the Ateneo de Manila University and a former journalist for its official student publication, The GUIDON. He also worked as a writer for the Department of Interior and Local Government (DILG) before pursuing his passion for tech with the YugaTech team.