European Union Lawmakers Vote 517-38 in Favor of New Crypto Licensing Regime

• European Parliament votes in approval of comprehensive EU rules on cryptocurrencies.
• The new rules will be implemented next year.
• Commissioner for financial services, Mairead McGuinness, stated it was a world first.

European Union lawmakers have long been eying the formation of a cryptocurrency regime. While nations around the world are confused about how they should treat cryptocurrencies, Europe seems to have a clear-cut idea.

According to the details shared by Mairead McGuinness, the commissioner for financial services, the European Parliament has voted to approve comprehensive EU rules on cryptocurrencies.

European Union new rules to begin applying from next year

The new cryptocurrency licensing regime, which was voted 517-38 by the lawmakers of the European Union on Thursday, is considered the first major global jurisdiction to be introduced as a cryptocurrency law.

Alongside, the Transfer of Funds Regulation was also approved by the European Parliament with a vote of 529-29, along with 14 abstentions. Possibly, this regulation mandates that crypto operators identify their customers to prevent money laundering.

According to McGuiness, the new rules will start applying next year. Additionally, she stated that they are protecting consumers and safeguarding financial stability and market integrity.

The European lawmakers had also earlier laid down a proposal to implement a crypto tax. Nevertheless, this was proposed with a vision to fund the European Union’s annual budget.