MEPs approved the first Regulatory Rules for Cryptocurrencies

World » EU | April 20, 2023, Thursday // 15:55
Bulgaria: MEPs approved the first Regulatory Rules for Cryptocurrencies @Pixabay

MEPs have approved the world's first comprehensive set of rules to regulate cryptocurrencies. Their purpose is to protect investors from abuse and manipulation. The information comes from the institution's press office.

The text aims to ensure that crypto transfers, as with any other financial transaction, can always be traced and suspicious transactions blocked.

To reduce the high carbon footprint of cryptocurrencies, major service providers will have to disclose their energy consumption.

EU member states have backed legislation that covers crypto-assets. They include cryptocurrencies such as Bitcoin, Ethereum and other traded tokens. The value of these "tokens" is secured by blockchain technology, such as NFT (non-fungible token - or "indispensable token"), which is a kind of virtual certificate of ownership of a physical or virtual entity.

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Tags: cryptocurrencies, EU, bitcoin

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