#EU crypto rules

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 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. He compared the proposal with the country’s bank secrecy rules, which strictly limit access to bank account information unless allowed by law or a court order. Meanwhile, bill sponsor Irwin Tieng said existing rules from the Bangko Sentral ng Pilipinas and current data privacy laws already provide protection for users. The rules will apply particularly to financial institutions offering complex electronic financial services or those processing at least PHP 75 million in average monthly transaction value. Read more in our articles including "EU passes law requiring reporting of all crypto assets" and "GoTyme partners with DragonFi for Stock Trading feature".