The EU’s primary legislation on cryptocurrencies, known as MiCA, came into effect for stablecoin regulation on June 30, 2024. Broader MiCA rules will apply starting December 30, 2024, encompassing the regulation of other tokens such as Bitcoin and Ether, along with the regulatory framework for crypto-asset service providers (CASP). Currently, the focus is on Sections…
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The European Parliament has approved new laws aimed at bolstering the EU’s anti-money laundering (AML) and terrorist financing efforts, with significant implications for the cryptocurrency sector. Key provisions of the legislation include enhanced due diligence measures and identity checks for customers. Banks and cryptocurrency asset managers are now required to report suspicious activities to Financial…
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The Directive on Administrative Cooperation (DAC) serves as the primary legal framework governing the exchange of information among EU tax authorities. Enforced since 2014, DAC plays a crucial role in fostering tax cooperation among EU Member States by combatting tax evasion, money laundering, and other financial crimes. The recent proposal of DAC8 by the European…
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In the digital financial sector, innovation has outpaced European legislation and regulation concerning crypto assets. Currently, the European Union lacks consistent guidelines for issuers and service providers operating in the crypto space. However, the EU is poised to address this gap through the Markets in Crypto Assets Regulation (MiCA). MiCA aims to establish an environment…
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The cryptocurrency market is developing rapidly, so the governments of many countries have decided to legally regulate the field of cryptocurrencies. It is important to note that the legalization of cryptocurrencies is important, both for the state and for users. Therefore, in order to legally conduct cryptocurrency exchange activities in a particular country, it is…
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From 10 January 2020, the Financial Conduct Authority (FCA) became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for cryptoasset businesses. Also, the FCA is part of the United Kingdom’s Cryptoassets Taskforce. The Cryptoassets Taskforce report lays out the UK’s policy and regulatory approach to cryptoassets and distributed ledger technology in financial services. It…
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