EU parliament backs world's first rules for cryptoassets
LONDON: The European Parliament on Thursday overwhelmingly backed the European Union's first set of rules to regulate cryptoasset markets. Parliament voted by 517 in favour and 38 against to approve the world's first comprehensive set of regulations for issuing and trading cryptoassets such as bitcoin. "This regulation brings a com Pet itive advantage for the EU," said Stefan Berger, the lawmaker who steered the rules through parliament . "The European crypto-asset industry has regulatory clarity that does not exist in countries like the US," Berger said. EU states have already given the nod to the rules which will be rolled out from mid 2024, requiring firms that issue and trade cryptoasset s to be licensed by a national regulator, giving them a "passport" to serve customers across the 27-member country bloc. Major service providers will have to disclose their energy consumption. "I hope that our rules could become a model for othe...