Cryptocurrency Trading Regulations Approved in EU Parliament

With a landslide vote, the European Parliament has supported the new regulations which regulate the trading of cryptocurrencies. They should come into effect from July next year. The new measures strive to ensure that cryptocurrency can be traced, thereby preventing money laundering, the financing of terrorism and other acts subject to penalties.

Big providers of crypto services, which are often responsible for high CO2 emissions, will have to disclose their energy consumption, and those who facilitate currency trading will have to register at the supervisory body.

The European Parliament approved the regulations with 517 votes for, 38 against and 18 withheld votes.

Some representatives in the European Parliament believe that cryptocurrencies are only just developing and are doubtful about their long-term prospects.

Despite that, the European Union strives to regulate the crypto markets, and the European Parliament is one of the first legislative bodies to do so.

European Parliaments

cryptocurrencies

regulations for the trading of cryptocurrencies