Regulation for cryptocurrencies approved in the European Parliament

Cryptocurrency regulation approved in the European Parliament

The European Parliament has overwhelmingly endorsed new cryptocurrency regulations, which should go into force from July next year.

The new cryptocurrency regulations ensure that crypto assets can be outlined, preventing money laundering, terrorist funding, and additional criminal offenses.

Large crypto service providers, often responsible for high carbon footprints, must also register their energy consumption.

Those who promote currency trading will also have to register with the watchdog. The European Parliament supported the regulations with 517 votes in favor, 38 against, and 18 abstentions.

Some European Parliament members accept cryptocurrencies are still in their infancy, with suspicions about their long-term future. Despite this, the European Union aspires to regulate crypto markets, the EP being one of the first legislative bodies to do so.

In 2021, when the Health Service Executive was hacked, the perpetrators demanded payment in cryptocurrency as a ransom. One must also consider the environmental aspect, where companies must inform the public about the amount of energy they use.

Bitcoin is up 80 per cent since the beginning of the year

Bitcoin has breached the $30,000 mark for the first time since June 2022 as US investors eagerly await key US inflation data later in the week, which will further steer cryptocurrency prices.

The largest cryptocurrency by market capitalization rose seven per cent to $30,193.25 for the first time since June. According to the last record this morning, it experienced a slight correction and is now at $30,047.

Ether surged by over 3.5 per cent to a five-month high of $1,925.11 as investors anticipated the introduction of new technologies after the Shanghai upgrade of the Ethereum network.

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