EU to crack down on 'Wild West' crypto market with landmark new rules 

Officials from the European Union have agreed on a landmark law that will require crypto issuers and service providers to have a licence under a new single regulatory framework. 

Stefan Berger, European Parliament member and rapporteur for the MiCA regulation — the person appointed to report on proceedings related to the bill — broke the news on Twitter, saying that a "balanced" deal had been struck, which has made the EU the first continent with crypto-asset regulation.

Known as the Markets in Crypto-Assets (MiCA) framework, the provisional agreement includes rules that will cover issuers of unbacked crypto assets, stablecoins, trading platforms and wallets in which crypto assets are held, according to the European Council.

Bruno Le Maire, French Minister for the Economy, Finance and Industrial and Digital Sovereignty claimed the landmark regulation "will put an end to the crypto wild west."

The MiCA regulation aims to protect consumers by "requesting" stablecoin issuers to build up a sufficiently liquid reserve.