The text, which had been the subject of a provisional political agreement between the Assembly and Council negotiators as early as June 2022, was approved today in Strasbourg with 525 votes in favour, 29 against and 14 abstentions, and, once formally approved by the Council, shall enter into force 20 days after its publication in the Official Journal of the EU.

According to Parliament, this new legislation aims to ensure that cryptocurrency transfers can always be traced and suspicious transactions blocked.

Parliament clarifies that the legislation covers transactions in excess of 1,000 euros from so-called unguarded wallets (address of a private user) when they interact with wallets managed by entities providing crypto services. Left out are transfers between persons carried out without a provider or between providers acting on their own behalf.

The plenary also gave the green light - with 517 votes in favour, 38 against and 18 abstentions - to new common rules on supervision, consumer protection and environmental safeguards for crypto-assets, including cryptocurrencies.

The regulation of the crypto-asset market will include those that are not covered by the legislation in force.

"Consumers will be better informed about the risks, costs and charges associated with their operations", and, "in addition, the new legal framework will support market integrity and financial stability, regulating public offerings of cryptoassets", also contemplating measures to prevent market manipulation, money laundering, terrorist financing, among other criminal activities.