The Council of the European Union has unanimously approved the MiCA bill to regulate the crypto-assets market, which includes 27 countries.
The bill requires companies to obtain a license to operate in a block of countries, and stablecoin issuers to have a backup.
This proposal was made to protect Europeans who invest in digital assets and prevent money laundering and terrorist financing.
Additionally, the Council of the EU agreed on a bill on tax reporting for crypto firms, which would oblige companies to provide state authorities with information on the balance sheets of their clients.
This proposal has not yet become an official law and requires the approval of the European Parliament.
Furthermore, EU Vice-President for Economics Valdis Dombrovskis has stated that this proposal would help “collect taxes more efficiently and keep pace with evolving technologies.”