Ripple (XRP), a blockchain-based payments platform, has expressed excitement about its continued growth in the European Union (EU) due to the bloc’s progressive approach to cryptocurrency regulation. This contrasts with the United States, where the focus remains on enforcement instead of clarity.
According to a Twitter post by Susan Friedman, who is a policymaker in the house of Ripple, the EU has taken a big leap forward in providing a sensible and progressive regulatory framework for the crypto industry, and Ripple intends to take advantage of this positive environment to expand its operations in the region. The company is optimistic about the growth prospects in the European marketplace and is committed to building a strong presence there.
On Thursday, EU lawmakers made history by voting 517-38 in favor of the Markets in Crypto-Assets (MiCA) regulation, establishing a new licensing framework for cryptocurrencies. This makes the EU the first major jurisdiction to introduce a comprehensive crypto law.
Additionally, the European Parliament voted 529-29 in favor of the Transfer of Funds Regulation, which mandates that crypto operators must identify their customers to prevent money laundering, with 14 abstentions. These laws represent a significant step forward for the EU in regulating the crypto industry and promoting transparency and security for investors and consumers.
Mairead McGuinness, a financial commissioner in the EU, has tweeted that the new regulations passed by EU lawmakers will take effect next year. These rules are designed to regulate the cryptocurrency industry and promote transparency and security for investors and consumers. This marks a significant milestone in the EU’s efforts to establish a comprehensive legal framework for the crypto industry.
