EU Seals Deal on Crypto Bank-Capital Rules

Lawmakers have previously favored ‘prohibitive’ capital requirements to keep unbacked crypto assets out of the banking system

• 2023-06-27
• European Commission The European Union member states European Parliament Economic and Monetary Affairs committee political deal national governments Basel Committee on Banking Supervision crypto

Crypto rules get final approval to make Europe a global leader on regulation

The European Union's sweeping set of beefed-up cryptocurrency rules got final approval from member states Tuesday, giving the 27-nation bloc a global lead in regulating the freewheeling sector. The European Council adopted the package of rules — known as Markets in Crypto Assets, or MiCA — in the final step of the bloc's legislative process. European Parliament lawmakers endorsed the rules in April, and they're expected to start taking effect in phases starting in July 2024.

• 2023-05-16
• European Council European Parliament The European Union final approval Crypto Assets digital assets

EU states approve world's first comprehensive crypto rules

European Union states on Tuesday gave the final nod to the world's first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX.

• 2023-05-16
• crypto exchange FTX European Parliament EU finance minister European Union

Europe’s Crypto Regulations Can Be a 'Model' for Rules in US, Says Hester Peirce

The outspoken SEC Commissioner said Europe’s new regulations could attract crypto firms across the Atlantic.

• 2023-05-10
• Hester Peirce Crypto Assets crypto regulation European Union MiCA regulatory regime European Parliament regulatory model

Global Crypto Regulation Needs Coordination, Not Duplication, Legal Experts Say

"It's not good to put crypto all in the same basket and look at it in a vacuum," said Marianne Bechara, senior counsel at the IMF.

• 2023-04-29
• International Monetary Fund Marianne Bechara jurisdictions regulatory frameworks AUSTIN Texas European Parliament international regulation

Brussels forces crypto companies to say how much energy they use

The European Union has launched a crackdown on crypto trading following the collapse of several major players in the scandal-hit industry, including Sam Bankman-Fried’s FTX.

• 2023-04-21
• Joe Biden Reed Smith European Parliament London Mark Zuckerberg Financial Conduct Authority London Federal Reserve Neil Woodford

EU Money Laundering Law Won’t Prevent Crypto Payments, Lead Lawmaker Says

The new legislation, which will be put to vote on Tuesday, is set to impose new restrictions on transactions from self-hosted wallets.

• 2023-03-28
• European Union money laundering European Parliament Damien Carême

Former Belgian Finance Minister Calls for Crypto Ban in Wake of Banking Crisis

Johan van Overtveldt, economic spokesperson for the right-wing ECR political party in the European Parliament, compared crypto to drugs.

• 2023-03-17
• Johan Van Overtveldt European Parliament Silicon Valley Bank Van Overtveldt finance minister Swiss National Bank

Restrictive Crypto Rules for EU Banks Confirmed in Published Legal Draft

Banks in the European Union would have to treat crypto as the riskiest kind of asset and disclose exposures while awaiting more detailed rules.

• 2023-02-13
• European Commission digital assets crypto assets European Parliament Basel Committee on Banking Supervision financial stability