Europe Approves World’s First Cryptocurrency Regulations

May 19, 2023

The European Union has approved a set of rules—the first such regulation in the world—to regulate crypto assets like cryptocurrencies and tokens in a bid to curb money laundering activities and protect investors.

The markets in crypto-assets (MiCA) legislation was approved on May 16 by EU ministers. The new rules will increase transparency and create a comprehensive framework for businesses operating in crypto markets, including compliance with anti-money laundering rules, according to a May 16 press release. “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,” said Elisabeth Svantesson, Minister for Finance of Sweden.