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. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.