The European Union is moving fast with implementing the Markets in Crypto-Assets Act and recently added it to its official journal.
After an extended period of discussing the Markets in Crypto-Assets bill and eventually passing it, the European Union has finally added it to its official journal. With the development, the region has moved closer to implementing it fully by 2024.
After the Markets in Crypto-Assets bill was finally passed as an act recently, crypto regulation in the European Union has been expected to provide a fair framework for the crypto industry to operate legally in the region.
With its publication in the official journal, the Markets in Crypto-Assets Act’s rules will be enforced within 20 days, while crypto firms will have to start following the rules from 2024 in phases. With multiple rules and clauses in the act that could benefit the industry, the European Union is finally set to be a crypto-friendly hub.
The regulations would require crypto firms to register with the appropriate authorities and follow certain rules to prevent instances of fraud, money laundering, and scams. Though such incidents affected the crypto industry in 2022, countries have moved ahead since then with their crypto regulatory policies.
The US has also moved ahead with discussions on crypto regulation, though crypto firms there have been facing legal action from authorities. With appropriate rules, such issues may be sorted out soon, but uncertainties could continue in the US till then.