If cryptocurrency companies wish to operate in the EU, they will need to get a license and customer safeguards to issue and sell digital tokens, according to a new deal passed late on Thursday by the European Parliament and EU states."Today we put order in the Wild West of crypto assets and set clear rules for a harmonized market," said Stefan Berger, a German lawmaker who led negotiations on the new Markets in Crypto-Assets law.
Stablecoins will also be regulated when it comes to transaction sizes. Any stablecoin that is traded in Europe will be required to maintain sufficient reserves to meet redemption requests in the case of mass withdrawals, according to CNBC. If a stablecoin becomes too large, it could be limited to only fulfilling 200 million euros in transactions per day.
Something about this I just have a hard time with. The ECB under Lagarde actually did something, those idiots in the EU actually did something? Still don't buy it.
RT Europarl_EN Europe always leads in regulation and compliance SEC_Investor_Ed NewYorkFed markets WSJ first AIFMD USA Form PF. IFRS-9 us CECL… nypost Neil_Irwin zerohedge LuxFinance
'Managing' The entire point of crypto is autonomy, isn't it?
They hate competition
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