====== Regulation in Europe ======

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The Council of Europe has adopted new rules for regulating digital assets under the Markets in Crypto-Assets (MiCA) framework. This follows from the [[https://www.consilium.europa.eu/en/press/press-releases/2023/05/16/digital-finance-council-adopts-new-rules-on-markets-in-crypto-assets-mica/|council's announcement.]] 

It is noted that the new rules aim to increase transparency in the crypto sphere and include measures to combat money laundering. The document introduces a unified legal framework for crypto companies from European Union countries.

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Cryptocurrencies in Europe are regulated through various bodies and legislative acts. Each country in Europe may have its own rules and regulations, but there are also pan-European approaches to regulating cryptocurrencies and blockchain. Here are some common aspects of cryptocurrency regulation in Europe:

  - **5th Anti-Money Laundering Directive (5AMLD)**: This is an update to the EU Directive on combating money laundering and terrorist financing (AML/CFT). The 5AMLD directive includes obligations for entities involved in cryptocurrencies, such as exchange and storage platforms, and sets rules for KYC and transaction monitoring.
  - **Securities regulators**: Various European countries have different regulatory bodies that may consider cryptocurrencies as securities and apply relevant laws and regulations.
  - **National banks**: National banks may take a position on cryptocurrencies and their status as means of payment, as well as issues related to investments and security.
  - **European Central Bank (ECB)**: The European Central Bank does not directly regulate cryptocurrencies but may express its position on cryptocurrencies as a form of money and their impact on financial stability.
  - **Consumer protection legislation:**:  Issues related to cryptocurrencies and ICOs may also be regulated by consumer protection laws to prevent fraud and ensure user safety.
  - **General Data Protection Regulation (GDPR)**: Organizations dealing with crypto assets must comply with GDPR to ensure the protection of customers' and users' personal data.


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===== See Also =====


  * [[https://data.consilium.europa.eu/doc/document/PE-54-2022-INIT/en/pdf| Regulation on Markets in Crypto-assets (MiCA)]]
  * [[https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/|Digital finance: agreement reached on European crypto-assets regulation (MiCA) (press release, 30 June 2022)]]
  * [[https://www.consilium.europa.eu/en/policies/digital-finance/|Digital finance (background information)]]

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