EU Council Signs On MiCA Regulation, New Reporting Requirements on Crypto Assets

“The EU’s Council, which represents 27 member states, unanimously approved the Markets in Crypto Assets regulation (MiCA), making the bloc set to be the first major jurisdiction in the world with a crypto licensing regime.””MiCA requires crypto firms such as wallet providers and exchanges to seek a license to operate across the bloc, and stablecoin issuers to hold suitable reserves.” The rules are expected to be rolled out from 2024.”Ministers also agreed on new measures to force crypto providers to disclose details of their customers’ holdings to tax authorities, which will be shared within the bloc in a bid to avoid stashing funds in secret overseas wallets.””They agreed on a requirement that from January 2026 service providers obtain the name of senders and beneficiaries in cryptoassets, regardless of the amount being transferred.””There was also agreement on amending rules on how member countries cooperate with each other in taxation to cover transactions in crypto-assets, and on exchanging information on advance tax rulings for the wealthiest individuals.”

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