Current Events > EU Parliament voted 517 in favor to approve comprehensive crypto regugulations

(+) Yeah! (+)

Only 38 voted against:

https://www.reuters.com/technology/eu-parliament-backs-worlds-first-comprehensive-rules-cryptoassets-2023-04-20/

LONDON, April 20 (Reuters) - The European Parliament on Thursday overwhelmingly backed the European Union's first set of rules to regulate cryptoasset markets.

Parliament voted by 517 in favour and 38 against to approve the world's first comprehensive set of regulations for issuing and trading cryptoassets such as bitcoin.

"This regulation brings a competitive advantage for the EU," said Stefan Berger, the lawmaker who steered the rules through parliament.

"The European crypto-asset industry has regulatory clarity that does not exist in countries like the U.S.," Berger said.

EU states have already given the nod to the rules which will be rolled out from mid 2024, requiring firms that issue and trade cryptoassets to be licensed by a national regulator, giving them a "passport" to serve customers across the 27-member country bloc.

Major service providers will have to disclose their energy consumption.

"I hope that our rules could become a model for other countries," the EU's financial services chief, Mairead McGuinness, said in a debate on the rules on Wednesday.

Parliament also backed new rules for tracing transfers of cryptoassets like bitcoins and electronic money tokens.

It applies the international "travel rule" already used in traditional financial transactions, meaning information on the source and recipient of the cryotoasset will have to accompany and be stored on both sides of the transfer to help combat money laundering...

Explain it to me like in five

SMALt alert

MICHALECOLE posted...

Explain it to me like in five

Imagine if you're 10 years old. You ask your mom permission to go to your friend's house. Your mom grounds you. You ask why she grounded you. She says, "You know what you did." You ask her to explain what she did, and she says, "The rules are clear, and you broke them." You ask her to explain the rules, and she refuses to tell you what the rules are.

That's basically how Gary Gensler and the SEC treat crypto. Gensler refuses to write crypto rules, which the SEC was ordered to do about 12 years ago. He says every crypto company has to come into compliance and register. Crypto companies that try to register get sued by the SEC. Other crypto companies don't register, because there's no published instructions/rules from the SEC on how to register. Etc.

Gensler recently testified before the House, and it was straight embarrassing for Gensler. He refused to say whether Ethereum was a security or a commodity despite previously declaring that it's a security. He also refuses to explain what makes something a security or a commodity, but his SEC will sue your company if you sell crypto that are unregistered securities. Etc.

The EU took a step in the opposite direction by finally agreeing to implement comprehensive regulations for crypto.

MICHALECOLE posted...

Explain it to me like in five

Crypto bad

Irony posted...

Crypto bad

Not in the European Union. :)

regugulations

From the French, "regugularer."

https://youtu.be/w4s6H4ku6ZY

Can we mute the Smalt?

https://finance.yahoo.com/news/sec-gary-gensler-dodges-whether-225037336.html

SECs Gary Gensler dodges question on whether Ethereum is a security

Securities and Exchange Commission (SEC) Chair Gary Gensler did not give a direct answer when asked whether Ether, the native cryptocurrency of the Ethereum blockchain, is a security or a commodity at a congressional oversight hearing on Tuesday.

Fast facts
Gensler directly addressed the House Financial Services Committee (HFSC) for the first time since October 2021, which was before the collapse of FTX and crypto-friendly banks, including Signature, Silicon Valley Bank, and Silvergate.

Gensler did not give a clear and direct answer to Congressman Patrick McHenry, the committee chairman, who asked if Ether, the second-largest cryptocurrency by market capitalization, is a security.

Actually, all securities are commodities under the Commodity Exchange Act. Its that we are excluded commodities. But I would agree that a security cannot be also an excluded commodity and an included commodity, responded Gensler.

Regulators and prosecutors have held contrasting views on how to classify Ether. The Attorney General of New York recently called it a security, but the Commodity Futures Trading Commission Chair Rostin Behnam argued that it is a commodity.

Gensler hinted on multiple occasions that he may view cryptocurrencies based on the proof-of-stake consensus mechanism, such as Ether, as securities.

In May 2022, Gensler publicly labeled Bitcoin, the worlds largest cryptocurrency by market cap, as a commodity...

Hurry and get banned again

https://www.msn.com/en-ca/money/topstories/u-s-crypto-exchange-coinbase-secures-bermuda-licence/ar-AA1a78u2

U.S. crypto exchange Coinbase secures Bermuda licence

LONDON (Reuters) -Major U.S. crypto exchange Coinbase Global Inc has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally.

Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in "offshore" havens unless the U.S. and UK create "clarity about regulation" for crypto.

Regulators and law enforcement agencies in the U.S. have stepped up actions against crypto firms this year, following a series of industry blowups in 2022. In March the U.S. Securities and Exchange Commission (SEC) threatened to sue Coinbase over certain products.

Coinbase has obtained a licence from the Bermuda Monetary Authority, which allows it to operate as a digital asset business there, it said in a blog post on Wednesday.

The exchange is also in discussion with financial regulators in Abu Dhabi about a potential licence, the blog said.

Coinbase is planning to launch a crypto derivatives exchange in Bermuda as soon as next week, Fortune reported on Wednesday, citing a person close to the company.

Asked about the Fortune report, a spokesperson for Coinbase told Reuters on Thursday the company had "nothing to announce today regarding our future plans to offer services through this license."

Bermuda's regulator did not immediately respond to a request for comment sent outside business hours.

Crypto derivatives trading is big business. In March, derivatives trading volumes on major exchanges hit some $2.8 trillion, according to London researcher CCData, versus spot trading volumes of just over $1 trillion.

U.S. SEC Chair Gary Gensler told lawmakers on Tuesday that he had "never seen a field that's so non-complying with laws".

Crypto firms say they need clarity about regulations...

Afraid your nest egg might go up in smoke, SMAL?

"The benefit of crypto is that it's completely anonymous."

ChrisReeve posted...

Parliament also backed new rules for tracing transfers of cryptoassets like bitcoins and electronic money tokens.

"Actually the benefit is that its regulated. "

Never change, crypto bros.

Regulation is another step towards mass adoption. :D

https://youtu.be/Vz9iCgiSZrM

Still wanting to know what goes through your head as you make a new account after getting banned for posting bile.

https://www.coindesk.com/policy/2023/04/20/eu-parliament-approves-crypto-licensing-funds-transfer-rules/

EU Parliament Approves Crypto Licensing, Funds Transfer Rules

The vote clears the way for landmark MiCA regulation to take effect in 2024.

Lawmakers in the European Union on Thursday voted 517-38 in favor of a new crypto licensing regime, Markets in Crypto-Assets (MiCA), with 18 absentions, making it the first major jurisdiction in the world to introduce a comprehensive crypto law.

The European Parliament also voted 529-29 in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering, with 14 abstentions.

The vote follows a Wednesday debate in which lawmakers largely supported plans to make crypto wallet providers and exchanges seek a license to operate across the bloc, and require issuers of stablecoins tied to the value of other assets to maintain sufficient reserves.

In a tweet, the European Commission's Mairead McGuinness described the vote as a "world first" for crypto rules.
"Were protecting consumers and safeguarding financial stability and market integrity," McGuinness said. "The rules will start applying from next year."

In a statement released by the European Parliament, Stefan Berger, the lawmaker who led negotiations on the law, said the rules put the EU "at the forefront of the token economy."
"The European crypto-asset industry has regulatory clarity that does not exist in countries like the U.S.," Berger said. "The sector that was damaged by the FTX collapse can regain trust."
The European Securities and Markets Authority also welcomed the vote in a tweet, and said it will "announce in due time" its timetable for drafting secondary legislation under MiCA. "ESMA still warns consumers that investing in cryptoassets is a risky endeavour with limited safeguards at this stage," the EU agency added...

Bump!

ChrisReeve posted...

https://youtu.be/w4s6H4ku6ZY

https://youtu.be/rzc3_b_KnHc