The European Parliament has agreed on the introductory legal framework for crypto regulation.
The new legislative plan was announced on Monday, October 10, and aims to increase the standards and requirements for digital asset companies.
Last week, the Markets in Crypto Assets Regulation (MiCA) text was approved by the European Union (EU) Council’s Permanent Representatives Committee.
Following the approval, EU lawmakers voted in strong favor of both MiCA and the Transfer of Funds Regulation.
The Transfer of Funds Regulation was put in place to eliminate money laundering activities. The new regulation requires the use of digital asset transfers through third parties for traceability alongside the correct means to block any suspicious-looking transactions.
The MiCA proposal focuses on new obligations for crypto asset service providers. The newly approved text aims to publish an official “crypto-asset white paper” containing details about their offerings.
The recently approved framework states that any crypto-mining organization must publicly disclose data showing the company’s energy consumption in an easy-to-access space on its website.
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