MICA supported by the Council of the European Union

We are talking about a bill designed to regulate the cryptocurrency market. All EU countries supported these measures to combat money laundering.

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The bill was adopted on April 20. According to him, companies that have linked their activities with digital assets must issue a license to work in EU countries. Also, issuers of "stable coins" necessarily need backup.

The head of the Swedish Finance Ministry said that today they decided to fulfill their promise and launch regulation of the cryptocurrency sphere. Recent events have shown that these rules are necessary and they will protect Europeans who invested money in tokens. It will also prevent the use of technology for money laundering or terrorist financing.

Also, the Council of the European Union has agreed on a law establishing tax reporting for cryptocurrency companies. They need to provide user balance data. At the moment, this bill is awaiting approval from the European Parliament.

The Vice President for the EU Economy claims that this will help to collect taxes more efficiently and follow the trends of innovative technologies.

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