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European Union voted for a new crypto licensing regime

European Union voted for a new crypto licensing regime

EU legislators voted by a wide majority of 517 to 38 against the MiCA crypto licensing regime, with 18 abstentions, thereby making it the first global jurisdiction to pass a broad law for cryptocurrencies.

The European Parliament also voted 529-29 for a separate law known as the Money Transfer Regulation, requiring crypto operators to identify their customers in the fight against money laundering, with 14 abstentions.

The European cryptocurrency asset industry needs more regulatory clarity in countries like the US.

Regulation of crypto asset markets was first proposed by the European Commission in 2020. Its main provisions apply 12 months after publication in the Official Journal of the EU.

Tesla’s crypto investments and volatility

Tesla, a leading sustainable car company, recently shook the market with news related to crypto investments in Bitcoin.

In 2021, Tesla said it bought $1.5 billion worth of Bitcoin.

The company’s attitude toward cryptocurrency has been volatile, with Musk tweeting about Bitcoin’s environmental influence and the cryptocurrency’s value fluctuating.

Tesla’s decision to invest in Bitcoin was a major step forward, showing that even traditional companies have embraced its value.

The company’s management of Bitcoin has experienced numerous obstacles, such as Musk tweeting about the ecological consequences of the cryptocurrency and resulting in its value being unpredictable.

In 2021, Musk declared that Tesla would no longer accept Bitcoin as a form of payment due to worries about its environmental consequences.

Ethereum name service partners with MoonPay

Ethereum Name Service, a digital identity protocol, said it is working with MoonPay, a Web3 payment company, to create a fiat on-ramp for customers planning to buy a .eth domain name.

By setting up this system, people can take advantage of MoonPay as a payment method and directly purchase and register their .eth domain without acquiring Ether or initializing a cryptocurrency wallet. Setting up a crypto wallet can be challenging for those without the technical know-how, but the bottom line is that using fiat currency on the ramp overcomes such hurdles.

The post European Union voted for a new crypto licensing regime appeared first on FinanceBrokerage.

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