New legal act to regulate crypto will be considered in the European Union

Before the document is finally adopted, it will be considered by the European Parliament. It is tentatively scheduled for the tenth of this month.

Coordination of the document’s provisions took place at the level of the Council of Europe. The legal act is aimed at regulating the production of virtual coins in the EU.

According to the Internet resource «The Block», the member countries of this political coalition voted for the Bill to be adopted. After a positive decision, which may follow during the consideration of the document by the European Parliament, the legal act will be legally binding.

What shall we wait after passing the Bill?

There will be an institutional regulation of the issue of virtual coins. It is also planned a single legal regulation of mining for the European Union member states. It is important to take into account the adaptation period. Which will last from 12 to 18 months.

The provisions of the document will apply to all resident miners in the EU.