Bitcoin's rapid rise to $800 crypto asset Market law may take effect by the end of 2023

Bitcoin surged to $800 early Monday, extending its gains for the day to 3.5%.

This year, the digital currency's decline is hard to stop. Bitcoin fell 59 percent in its first six months, the biggest drop on record, while Ether lost an unprecedented 72 percent in its first six months.

Brussels (Reuters) - The European Union has agreed groundbreaking rules to regulate crypto assets, lawmakers said on Thursday, as bitcoin's slump puts pressure on authorities to rein in the sector.

The European Parliament and representatives of EU countries reached an agreement on the Crypto Asset Market Law (MiCA), which is expected to come into force around the end of 2023, the report said.

ce4684bd824dbba360be14a40255e57aStefan Berger, a centre-right MP who led the negotiations on behalf of parliament, reportedly said: "Today we have a crypto asset order and clear rules for the harmonisation of markets. The recent decline in the value of digital currencies demonstrates the high risk and speculative nature of their existence, which is the basis for action."

Ernest Urtasun, a Green party member of parliament, added that MiCA will be the world's first comprehensive crypto asset regime and will contain strong measures to prevent market abuse and manipulation, the report said.

The new law gives crypto issuers and related service providers a "passport" to serve clients across the EU from a single base, while meeting capital and consumer protection rules. The United States and the United Kingdom, two major cryptocurrency centers, have yet to approve similar rules.

In addition, other foreign media reported that Japan's Financial Services Agency will relax rules to allow trust banks to manage cryptocurrency assets.

As of press time, Bitcoin was up 1.45% at $20,297.4, according to Financial data.

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