Crypto rules to make Europe a global leader as prices plunge
By KELVIN CHAN
AP Business Writer
LONDON (AP) — Europe is preparing to take the global lead in regulating the freewheeling cryptocurrency industry at a time when prices have plunged, wiping out fortunes, fueling skepticism and sparking calls for tighter scrutiny. The European Union took a first step late Wednesday by agreeing on new rules subjecting cryptocurrency transfers to the same money-laundering rules as traditional banking transfers. A much bigger move is expected when EU negotiators hammer out the final details on a separate deal Thursday night for a sweeping package of crypto regulations. Like the EU’s data privacy policy that became the de facto global standard, the crypto regulations are expected to be highly influential worldwide.
