Strict laws bring the curtain down to the crypto transfers’ long saga of ‘free’ movement.
In a bid to end the bull run of the crypto hackers in the otherwise bearish crypto market, the European Union has come forward with its new set of regulations meant for all sorts of crypto transfers. These strict cryptocurrency regulations are going to bring in a serious change if not a huge paradigm shift in the very equation of the markets in crypto assets. E.U. which comprises of 27 nation states, has decided to address an array of controversial issues related to the crypto transfers, at a time when the markets in crypto assets have plunged into an all-time low.
New E.U. Rules on Crypto Transfers: What it Means for Everyday Users
We came across a host of severe scams worldwide over the last few years so far as the cryptocurrencies are concerned. Countless customers had to bear extreme losses due to crypto frauds which are rising in leaps and bounds, across the globe.
The cryptocurrency regulation news comes as a sigh of relief amidst the global hue and cry about the much discussed crypto crash after its dream run during the pandemic times. E.U.’s historic crypto transfer bank rules was indeed the need of the hour as they aimed to eliminate a range of threats which were looming large over the skies of the markets in crypto assets – money laundering, terrorist financing and other illegal activities.
Hence, now onwards users will enjoy a secured hassle-free experience while dealing with bitcoins or ethereum. Also, this significant move is believed to offer more clarity to the traders and investors about the status of their crypto assets and their transactions.
Conclusion: EU’s New Data Protection Regulation Will Revolutionize The Way Digital Assets Are Transferred And Used
The introduction of the new crypto transfers bank rules is an integral part of E.U’s anti-money laundering drive and it will act in tandem with Markets in Crypto assets rules (MiCA). In the present day scenario, the loopholes in the crypto transfers system paves the way to massive crypto frauds done by the hackers who capitalize on the loose ends to ruin investors and traders.
Assita Kanko, one of the key EU lawmakers drafting the rules, stated, “For too long, crypto-assets have been under the radar of our law enforcement authorities,”. She further stressed on the positive impacts of the new crypto transfer bank rules, while taking care of the technicalities as the rules await the final approval – “It will be much harder to misuse crypto-assets and innocent traders and investors will be better protected.”
The European Union has been the trendsetter in shaping the global standards of the data privacy policies and with the crypto regulations too it’s perceived to play a pivotal role worldwide – “really the first comprehensive piece of crypto regulation in the world” uttered Patrick Hansen, crypto venture adviser at Presight Capital, a venture capital firm. Meanwhile, as soon as the cryptocurrency regulation news broke out, the global crypto market ended trading in green with the oldest cryptocurrency, bitcoin gaining 1%.