The European Union's sweeping set of beefed-up cryptocurrency rules got final approval from member states Tuesday, giving the 27-nation bloc a global leader in regulating the freewheeling sector. The European Council adopted the package of rules — known as Markets in Crypto Assets, or MiCA — in the final step of the bloc's legislative process. European Parliament lawmakers endorsed the rules in April, and they're expected to start taking effect in phases starting in July 2024. The rules are aimed at improving transparency and combating money laundering and will cover stablecoins — which are usually tied to a hard currency.
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