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EU Crypto Regulations Aim to Steady Turbulent Market

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The European Union has made significant strides in regulating the cryptocurrency market, aiming to bring stability to the turbulent industry.

Extension of the European Transfer of Funds Regulation

The EU has announced an extension of the European Transfer of Funds Regulation to include crypto assets. This move aims to regulate the transfer and exchange of cryptocurrencies within the European Union.

Markets in Crypto-Assets (MiCA) Regulation

The MiCA regulation is considered the first-ever regulatory framework for crypto assets, covering utility tokens, payment tokens, and e-money tokens. The regulation establishes rules for:

• Issuance of crypto assets
• Trading of crypto assets
• Operation of crypto asset services
• Requirements for providers of crypto asset services

Experts believe that while these regulations may limit anonymity in decentralized transactions, they will bring much-needed clarity for crypto asset service providers and promote innovation.

UK’s Approach to Crypto Regulation

The UK is also taking steps to regulate its own crypto industry. HM Treasury has released a consultation paper on its proposed crypto regime, which aims to establish a framework for the regulation of cryptocurrencies in the UK. The Financial Conduct Authority (FCA) has also launched financial promotions restrictions for the UK’s crypto industry.

Building a World-Leading Crypto Hub

As the market continues to experience volatility, experts say that building a world-leading crypto hub will require more than just regulation - it will also need:

• Secure customer onboarding
• Convenient processes

Download our free guide to learn how UK crypto exchanges can prepare for the brave new world of crypto regulation.