European Union Adopts First Legal Framework for “Crypto Asset Market”
The EU Council (ECOFIN) adopted the Crypto Asset Market Regulation on 16 May 2023. Thus, for the first time, a legal framework for crypto-asset markets has been adopted at the EU level, placing crypto-assets, crypto-asset sellers and crypto-asset service providers under a harmonized EU-wide regulatory framework.
By regulating the Crypto Asset Sector, both financial stability and those who invest in these assets will be better protected, and the misuse of the crypto industry for money laundering and financing of terrorism will be prevented.
With this regulation, institutions performing crypto money transfers will be obliged to identify and store the identity information of the sender and recipient and share it with the authorities when necessary.
WHAT EFFECT DO YOU THINK THIS REGULATION WILL CREATE ON THE CRYPTO MARKET?
