Europe Paves the Way for Crypto: Landmark Laws Passed as First Mover Americas Watch Closely

"European Union Passes Landmark Crypto Licensing Regime with Overwhelming Support from Lawmakers"

The European Union has become the first major jurisdiction in the world to introduce a comprehensive crypto law. Lawmakers in the European Parliament voted 517-38 in favor of a new crypto licensing regime called Markets in Crypto Assets (MiCA), with 18 abstentions. They also voted 529-29 in favor of a separate law, the Transfer of Funds regulation, which requires crypto operators to identify their customers to prevent money laundering, with 14 abstentions. The new laws will require crypto wallet providers and exchanges to seek a license to operate across the bloc of 27 nations, and stablecoin issuers will have to maintain sufficient reserves.

Bitcoin has fallen for a second straight day, dropping to $28,500, a 10-day low. The world’s largest cryptocurrency declined 2% over the past 24 hours as traders across the globe moved away from risky assets. According to data from TradingView, Bitcoin closed below its 20-day moving average on Wednesday, indicating weakness. The cryptocurrency has rallied this year, but analysts warn that the recovery may be running on fumes.

Dogecoin (DOGE), a popular meme token, was one of the few coins trading in the green on Thursday, up 5% over the past 24 hours. Some supporters refer to April 20 as “DogeDay.”

The substantive parts of the Voyager Digital-Binance.US sale deal could be allowed to proceed even before a legal appeal is worked through, court filings made Wednesday suggest, as concerns rise that the buyer could pull out. The filing proposes that, until an appeal is settled, contentious “exculpation provisions” should remain on hold, but not the remaining elements of the deal. The US government has now agreed that the bulk of Binance.US’ $1 billion deal to purchase assets of the bankrupt crypto lender can proceed, despite concerns that the fine print of the contract would pardon breaches of tax or securities law.

More than 5,000 bitcoins, worth $144 million, were moved early Thursday. The chart shows the on-chain movement of bitcoin that’s been sitting dormant for between seven and 10 years. Whenever such old coins move, bitcoin tends to see increased price turbulence.

In conclusion, the European Union has taken a significant step in regulating the cryptocurrency market, becoming the first major jurisdiction to introduce a comprehensive crypto law. Bitcoin’s price continues to fall, and analysts warn that the recovery may be running on fumes. Dogecoin is one of the few coins trading in the green, and the Voyager Digital-Binance.US sale deal could proceed despite legal appeals. The movement of dormant bitcoins has also caused price turbulence for bitcoin.

Martin Reid

Martin Reid

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