Crypto rules get final approval to make Europe a global leader on regulation

LONDON (AP) — European Union states have given final approval to a sweeping set of beefed-up cryptocurrency rules, giving the 27-nation bloc a global lead in regulating the freewheeling sector. The European Council adopted the package of rules, known as Markets in Crypto Assets on Tuesday. It’s the final step in the 27-nation 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 tighter European scrutiny follows a spate of high-profile crypto scandals including the collapse of trading firm FTX and the implosion of the TerraUSD stablecoin.