On Tuesday 16 May, at the Economic and Financial Affairs Council, EU ministers approved the ‘MiCA’ regulation to frame the crypto-assets market, as well as the revision of the ‘TFR’ directive on money transfers in order to include crypto-assets.
The ministers unanimously validated the provisional agreements with the European Parliament concluded under the French Presidency (see EUROPE 12983/7, 12984/3). “Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism”, Elisabeth Svantesson, Minister of Finance for Sweden, said in a statement.
Thanks to ‘TFR’, crypto-currency transactions will be traceable from the first euro, as crypto-assets service providers (CASPs) will be required to collect information from their customers.
The Parliament also validated the provisional agreements in April (see EUROPE 13166/9). This will allow the texts to enter into force upon publication in the Official Journal of the EU.
Crypto-assets will also be subject to tax rules (see other news).
Read the ‘MiCA’ regulation: https://aeur.eu/f/6wl
Read the revised ‘TRF’ Directive: https://aeur.eu/f/6wj (Original version in French by Anne Damiani)