After the fall of bitcoin, the cryptocurrency market received a blow from which it is still barely recovering, bringing thousands of investors and ambitious projects to the bottom. Reaching alarming lows European Union decided to introduce rules on the digital asset market.
According to Reuters, European Union seeks to reach an agreement that lays the groundwork for a set of innovative rules for regulating crypto assets.
Currently cryptocurrencies How bitcoin or ethereum they are not regulated by financial structures, and their exchange requirements in different countries are focused on combating money laundering. This will put the European bloc at the forefront of regulating.
NFT and power consumption
The EU will take these measures by the end of 2023 if there is consensus in working meetings to develop a final proposal, the source cited by Reuters said. On the agenda of the law crypto assetsrelated issues such as non-fungible tokens (NFTs), monitoring and energy consumption need to be addressed.
The purpose pursued by this legislation is to NFTs is the ability to include digital products that comply with the standard in its infancy and can be controlled by cryptographic companies in each Member State. In addition, the energy footprint crypto assets will be evaluated.
For operation in Europe, the MiCA law (market crypto assets) offers a license request based on conditions set in Europe, and companies that require this license will have up to 18 months to process it without affecting operations.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.