Ministers of Economy and Finance of the European Union (ecofin) adopted the first regulation on the markets. crypto assetsknown as normative Micaa new legal framework aimed at promoting market integrity, investor protection, and the fight against money laundering and terrorist financing.
The new regulation, tentatively accepted by the Parliament and Council negotiators in June 2022, officially accepted By ministers at the Ecofin meeting on Tuesday.
“I am very happy that today we have fulfilled our promise to start regulating the crypto-asset sector,” the Swedish industry minister said. Elisabeth Svantessonaware that “recent events confirm this” the urgent need to set standards better protect the Europeans investing in these assets and prevent the crypto industry from being misused for money laundering and terrorist financing purposes.”
Track and block suspicious processes
The text marks the first EU legislation to allow cryptocurrency transfers, as with any other financial transaction. Can be tracked and blocked if suspicious.
Reform also provides specific requirements in the operations of organizations. providers with non-hosted wallets therefore, they need to verify transfers to or from their customers with one of these unregistered wallets.
Moreover will cover unregulated crypto assets Current financial services legislation and provisions cover transparency, disclosure, authorization and monitoring of your transactions.
In this way, consumers better knowledge of risks, costs and fees relates to operations. Additionally, the new legal framework will regulate the public offering of crypto assets, promoting market integrity and financial stability.
The agreed text also includes: measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities.