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EU States Approve World’s First Comprehensive Crypto Rules

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Today’s Cryptocurrency Headline

European Union states gave the final nod to the world’s first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. The rules are expected to be rolled out in 2024. “Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse the crypto industry for the purposes of money laundering and financing of terrorism,” said Elisabeth Svantesson, finance minister for Sweden, who holds the EU presidency. The rules require firms that want to issue, trade, and safeguard cryptoassets, tokenised assets, and stablecoins in the 27-country bloc to obtain a licence. Ministers took steps to combat tax evasion and the use of cryptoasset transfers for money laundering by making transactions easier to trace.

BingX’s Bitcoin Chart

Source: TradingView & BingX

BTC is still oscillating around the MA30 with small fluctuations. It will take a while for a trending market to emerge. As October approaches, the decision on ETF approval or delay will also be announced, which is expected to end the oscillation and start a new market trend. Investors should be cautious and set up stop-loss orders before the news is released. The support level is at $26,000 and the resistance level is at $26,500.


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