New laws regulating bitcoin trading have received resounding support from the European Parliament.

They are scheduled to go into effect in July of the next year.

The new regulations aim to make crypto assets traceable in order to stop money laundering, terrorism funding, and other crimes.

Major cryptocurrency service providers, who frequently leave a large carbon footprint, would also be required to publish their energy usage.

Additionally, those that facilitate currency trading will need to register with a regulatory agency.

With 517 votes in favour, 38 votes against, and 18 abstentions, the European Parliament passed the regulations.

Some MEPs believe that cryptocurrencies are still in their infancy and have concerns about their long-term prospects.

Nevertheless, the European Union, one of the first legislative entities to do so, is attempting to regulate the cryptocurrency markets.

The hackers who targeted the Health Service Executive in 2021 requested a cryptocurrency ransom.

Mr. MacManus said in an interview with RTÉ’s European Parliament Report that although he did not necessarily want to support or encourage the expansion of cryptocurrencies, he thought the industry needed to be regulated.

He said that it was doubtful if cryptocurrencies would survive in the long run.

The majority of MEPs concur that legislation must be continuously modified in order to keep pace with the cryptocurrency industry.