Crypto regulation approved in the European Parliament

The European Parliament has overwhelmingly endorsed new regulations governing the trading of cryptocurrencies, which should arrive into force from July next year.

The new measures ensure that crypto assets can be outlined, preventing money laundering, terrorist funding, and additional criminal offenses.

Large crypto service providers, often responsible for high carbon footprints, must also register their energy consumption.

Those who promote currency trading will also have to register with the watchdog. The European Parliament supported the regulations with 517 votes in favor, 38 against, and 18 abstentions.

Some European Parliament members accept cryptocurrencies are still in their infancy, with suspicions about their long-term future. Despite this, the European Union aspires to regulate crypto markets, the EP being one of the first legislative bodies to do so.

When the Health Service Executive was hacked in 2021, those behind it required a cryptocurrency ransom. There is also a climate element, where service providers must

publicize their energy consumption.

Bitcoin is up 80 percent since the beginning of the year

Bitcoin has breached the $30,000 mark for the first time since June 2022 as US investors eagerly await key US inflation data later in the week, which will further steer cryptocurrency prices.

The largest cryptocurrency by market capitalization rose seven percent to $30,193.25 for the first time since June. According to the last record this morning, it experienced a slight correction and is now at $30,047.

At the same time, ether advanced by more than 3.5 percent to $1,925.11 for the first time since August as investors awaited the latest technology. The Shanghai upgrade of the Ethereum network.