EU parliament approves world's most sweeping cryptocurrency rules

EU hopes the cryptoasset regulations will whip an industry into shape that has been beset by scandals and failures. EU member states have already backed the legislation covering cryptoassets. The rules will progressively come into force from July 2024 after the

Highlights

• European Parliament approves world’s first comprehensive rules to regulate the “Wild West” world of cryptocurrencies.
• EU member states have already backed the legislation covering cryptoassets.
• The rules, now approved by a large majority of European lawmakers, hope to whip into shape an industry beset by scandals and failures.
• The illegal use of cryptocurrencies reached a record high of $20.1 billion last year, up from $18 billion in 2021, according to blockchain data company Chainalysis.
• The EU rules will progressively come into force from July 2024 after the bloc’s member states formally nod them into law.
• Brussels is also preparing to introduce proposals for a digital euro later this year.

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