LONDON: EU member states have adopted the world’s first comprehensive crypto law.
The draft was sent to the EU Parliament after the EU finance ministers meeting in Brussels approved the rules, which are expected to come into force in 2024.
Sweden’s Minister of Finance Elizabeth Swanson said that after the bankruptcy of the crypto exchange firm FTX, the need to set rules and regulations for crypto was strongly felt, after which money laundering, terror financing, and any there has also been a recent attempt by the European Union to regulate cryptocurrencies to prevent abuse.
According to the new cryptocurrency rules, in order to obtain a license from the 27-nation bloc of the European Union, firms issuing cryptocurrencies will have to protect crypto-assets and trades, as well as tokenize assets and stabilize value.
The finance ministers’ meeting also agreed on a proposal to prevent and trace the easy transaction of crypto assets for tax evasion and money laundering. will be bound.
