The European Union's Council has given final approval to the landmark Markets in Crypto Assets regulation (MiCA), making the EU the first major jurisdiction with a crypto licensing regime. MiCA requires crypto firms, including wallet providers and exchanges, to obtain a license to operate within the bloc and mandates stablecoin issuers to maintain appropriate reserves. Additionally, the Council has agreed on new anti-money laundering measures for crypto fund transfers.
These developments aim to protect European investors and combat the misuse of the crypto industry for money laundering and terrorist financing. Furthermore, finance ministers have agreed on measures to require crypto providers to disclose customer holdings to tax authorities to prevent funds from being concealed in secret offshore wallets. The European Parliament's non-binding opinion is still pending before these tax rules, known as DAC8, can become law.
The European Commission proposed the new tax rules, DAC8, in December, drawing on the OECD model, and the most recent version of the bill was published on Friday. However, these rules cannot become law until the European Parliament provides its non-binding opinion on the matter.
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