The European Union has become the first major economy to establish a comprehensive regulatory framework for managing cryptocurrency assets.
If cryptocurrency companies wish to operate in the EU, they will need to get a license and customer safeguards to issue and sell digital tokens, according to a new deal passed late on Thursday by the European Parliament and EU states."Today we put order in the Wild West of crypto assets and set clear rules for a harmonized market," said Stefan Berger, a German lawmaker who led negotiations on the new Markets in Crypto-Assets law.
Stablecoins will also be regulated when it comes to transaction sizes. Any stablecoin that is traded in Europe will be required to maintain sufficient reserves to meet redemption requests in the case of mass withdrawals, according to CNBC. If a stablecoin becomes too large, it could be limited to only fulfilling 200 million euros in transactions per day.
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