In a tweet, European Financial Services Commissioner Mairead McGuinness said the vote was “a world first” and that the new regulation can come into effect in July after approval from all member states. Some rules will be implemented in the near future, while others are set to take effect by 2024.
I welcome the European Parliament’s vote today to approve comprehensive EU rules on crypto: a world first. The new rules will come into effect next year. We’re protecting consumers and safeguarding financial stability and market integrity.
The approval vote of Thursday marks a major milestone in the crypto industry. This comes after several major players have fallen, including the crypto-exchange FTX.
Stefan Berger, a lawmaker from the European Parliament who was the leader of the negotiations, stated in a release:
The EU now has 10 000 crypto assets. Consumers will have protection against fraud and deception, and a sector that has been damaged by the FTX crash can regain confidence. All the information consumers need will be available, and any underlying risks associated with crypto-assets must be monitored. We ensured that environmental impact disclosure would be made…