EU finance ministers sign off crypto framework

Crypto providers must disclose details of their customer’s holdings to avoid the illegality of storing funds in overseas wallets.

Finance ministers of the European Union (EU) have signed off on a new set of rules to regulate crypto assets.

During a recent meeting in Brussels, 27 representatives of the EU Council made a unanimous decision to approve the Markets in Crypto Assets regulation (MiCA), after it was given the green light last week alongside tax measures.

“I am very pleased that we are delivering on our promise to start regulating the crypto-assets sector,” said Sweden's finance minister Elisabeth Svantesson.

“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism,” she added.

Licenses required

Additionally, the council agreed on a revised set of anti-money laundering measures regarding crypto fund transfers.

The new rules require all firms to obtain a licence to issue, trade and safeguard crypto assets, stablecoins or tokenised assets within the 27-country bloc.

From January 2026, regardless of the amount being transferred, all service providers must obtain the names of any senders and beneficiaries in crypto assets.

There were also discussion about amending rules on how member countries work with one another regarding taxation to cover transactions in crypto-assets, and the exchange of information on advance tax rulings for more high-net-worth individuals.

‘Collect tax more efficiently'

Along with several members of the bloc, European commissioner for trade Valdis Dombrovskis trusts in the potential of crypto assets driving economic activity across the EU.

However, he also argues that they, the digital currencies, run the risk of “reducing transparency and enabling tax evasion or fraud.”

“Updating our tax rules to address these issues will help national administrations to collect tax more efficiently and keep up with evolving technology, as Europe moves forward with its digital transition,” he said.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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