The European Parliament approved the world's first comprehensive rules to regulate the"Wild West" world of cryptocurrencies on Thursday, hoping to protect investors against abuse and manipulation.
One of the most recent cryptocurrency exchange failures came in November when the FTX platform and its sister trading house Alameda Research went bankrupt, dissolving a virtual trading business that at one point had a market value of $32 billion. "We believe that had FTX, for example, been captured under EU jurisdiction, many of its practices would not have been permissible under MiCA," McGuinness said in Strasbourg.
The EU says this will make it harder for criminals to use cryptocurrencies for illegal activity such as money laundering. "In line with the principle of proportionality, significant CASPs should be subject to both stricter requirements and enhanced supervision: neither of the two is catered for by MiCA," Elizabeth McCaul, European Central Bank supervisory board member, wrote in a blog post this month.
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