European Union Financial News

The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes. 

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European Union Council members have given the final green light on the highly-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on May 16.

In 2018, the world was shocked to learn that British political consulting firm Cambridge Analytica had harvested the personal data of at least 50 million Facebook users without their consent and used it to influence elections in the United States and abroad.

The chair of the European Banking Authority (EBA), José Manuel Campa, has argued that central banks should veto stablecoins if they have fears the private, permissionless blockchains and crypto projects could threaten monetary policy.

Lawmakers in the European Union have forwarded legislation concerning artificial intelligence (AI) to the next phase after concluding a vote from two lawmakers’ committees.

The European Union has become the first major jurisdiction to pass a comprehensive crypto law, the Markets in Crypto-Assets (MiCA) regulation, which aims to provide legal certainty for the crypto industry and investors by establishing standard regulations and harmonized rules at the EU level. 

MiCA, the Markets in Crypto-Assets Regulation, is a significant step towards establishing a comprehensive regulatory framework for crypto-assets in the European Union (EU). This regulatory framework is seen as a politically acceptable and workable compromise that builds on existing regulatory frameworks while offering certainty to entrepreneurs and preventing knee-jerk reactions from policymakers. One of the key aspects of MiCA is the introduction of a tailored license for crypto-asset services and stablecoin issuers that can be passported across all 27 EU member states, covering a market of 450 million people. This is expected to streamline regulatory processes and foster cross-border activities in the crypto industry. MiCA distinguishes between different types of cryptoassets and provides regulatory requirements specific to each category. This approach recognizes the diversity of cryptoassets and their different use cases, and tailors regulatory requirements accordingly. By taking a nuanced approach to different types of cryptoassets, MiCA aims to provide effective regulation that is appropriate for each category. MiCA includes rules for stablecoin issuers that aim to ensure consumer confidence by requiring proper reserves and the redeemability of tokens. This is expected to enhance the reputation and acceptance of stablecoins as a form of digital currency.

Almost 400 Virtual Asset Service Providers (VASPS) have voluntarily shut down or had their authorizations revoked in Estonia following the government’s recently enhanced Terrorist Financing Prevention and anti-money laundering laws (AML) that came into effect in March.

The French Senate’s Committee on Economic Affairs recently approved an amendment to pending legislation allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes.

Legislators in the European Union have pushed forward with a draft of a new bill designed to keep artificial intelligence technology in check. According to the bill, the high-risk tools will not be banned entirely, though they will be subjected to stricter transparency procedures. In particular, generative AI tools, including ChatGPT and Midjourney, will be obliged to disclose any use of copyrighted materials in AI training.

The blockchain and crypto industry is constantly growing and changing around the world, and the Principality of Liechtenstein is no exception. 

Controversies around artificial intelligence (AI) and its use of copyrighted material have been popping up around the web left and right after a major uptick in the use of the technology for content creation. 

As the various stakeholders within the European Union continue to research the potential of a single central bank digital currency (CBDC), the representatives of both private and public banking institutions share their opinion on the digital euro. 

Europe’s data watchdog, Wojciech Wiewiórowski, predicts a sour predicament for United States-based artificial intelligence (AI) companies currently being investigated for alleged GDPR violations.

A “fast track” option for licensed crypto firms in France to get regulated under the upcoming Markets in Crypto-Assets (MiCA) laws has been mulled by the country’s financial regulator.

OpenAI faces another hurdle in its quest to continue doing business in the European Union as German authorities have launched an inquiry into the company’s privacy practices and GDPR compliance. 

Hot on the heels of the European Parliament passing the Markets in Crypto-Assets (MiCA) regulation, Ukrainian regulators have stated publicly that they will adopt the legislative package in their own country as well.

A German magazine has used artificial intelligence (AI) to simulate an interview with former Formula One driver Michael Schumacher and now his family said they’ll pursue legal action over the matter.

Though a crypto-focused regulatory framework still needs approval from the European Council before final passage, many in the space have reacted positively to the Markets in Crypto Assets, or MiCA, bill moving forward.

On April 20, the European Parliament voted to pass the Markets in Crypto-Assets (MiCA) regulation, the European Union’s main legislative proposal to oversee the crypto industry in its member countries.