EU legislators voted in favor of a draft bill that seeks to impose new prohibitive measures to curtail banks’ involvement with “unstable” digital assets.
The European Union faces another delay in voting for the passing of its proposed MiCA regulation as it struggles to translate the 400-page file into 24 languages.
The decision by Ireland's Data Privacy Commissioner (DPC) found that Meta had illegally forced users to accept personalized ads by placing the legal consent within the terms of service.
Apple is reportedly complying with the European Union’s directive to open up its walled-garden app ecosystem in a move that could bring NFTs and Bitcoin to 1.2 billion iPhones.
The FTX's collapse is the final imperative for global lawmakers to enact a string of regulations in the digital asset sector, while the event also led to a tug-of-war game between two state agencies.
Under the current Virtual Financial Asset regime, which was set up in 2018, NFTs are subject to specific requirements upon launching and must also issue a product whitepaper before the issuance.
The vote will commit lawmakers in Brussels to changing tax rules related to the digital asset industry, including whether to implement a single tax regime for digital assets across the bloc.
Initially proposed by the European Commission in March 2021, the policy program sets up a monitoring and cooperation mechanism to ensure the EU is progressing toward its key targets.
DORA is expected to provide a common set of standards to manage digital risks across the EU's financial sector and potentially curb cyberattacks associated with digital assets.
The Digital Markets Act went into effect on November 1, but the European Union will give platform holders until the beginning of May 4, 2023, to comply.
Digital asset transactions from Europe to Russia had been capped at $9,900, but the European Union says there was still some level of activity, necessitating the total ban.