The European Union has concurred with landmark’s rules for regulating the cryptocurrency industry, whose downfall has been clearing out fortunes and triggering calls for tighter inspection worldwide. EU negotiators rolled out the final details for a provisional agreement on Thursday on a sweeping package of crypto regulations for the bloc’s 27 nations, which are known as Markets in Crypto Assets or MiCA.

“Today, we put an order in the Wild West of crypto assets and set clear rules for a harmonised market,” according to Stefan Berger, the lead lawmaker negotiating the rules. The EU crypto rules reads “will ensure a harmonised market, provide legal certainty for crypto-asset issuers, guarantee a level playing field for service providers and ensure high standards for consumer protection,” He added.

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The new law offers issuers of crypto assets and providers of related services a “passport” to serve clients across the EU from a single base at the same time meeting capital and consumer protection rules. Similar to the EU’s innovative data privacy policy, which became the de facto global standard and its current landmark law that is targeted at harmful content on digital platforms, the crypto regulations are supposed to be highly influential worldwide. The EU rules are “really the first comprehensive piece of crypto regulation in the world,” according to Patrick Hensen, crypto venture adviser at Presight Capital, a venture capital fund. “I think there will be a lot of jurisdictions that will look closely into how the EU has dealt with it since the EU is first here,” he added.

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Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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