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The European bloc has just established clear rules regarding the crypto ecosystem. The rules, abbreviated as MiCA (Markets in Crypto-assets), have received final approval from the member states of the European Parliament, solidifying the continent as a global leader in cryptocurrency regulation.

The lawmakers approved the rules after undergoing a comprehensive scrutiny process to cover all aspects of creating a complex law that regulates the innovative cryptocurrency market. The approved guidelines are aimed at enhancing transfers and combating money laundering in the crypto ecosystem and encompass:

• Stablecoins, which are a type of cryptocurrency with a stable value tied to a fiat currency such as the euro or the dollar, or even a commodity like gold. They have lower volatility compared to traditional cryptocurrencies and are potentially more secure and reliable.

• The approved rules also apply to other crypto assets and services related to Bitcoin. However, Bitcoin itself is not directly covered by the MiCA rules.

One of the objectives of MiCA is to protect European investors and prevent the misuse of cryptocurrencies for money laundering, terrorism financing, fraudulent schemes using crypto, and other illicit activities. Companies wishing to operate in the European market will have to undergo an approval process and comply with the established rules.

Companies will also be held responsible for the loss of investors' assets, and European authorities have the responsibility of creating a public list of companies that do not comply with the regulations.

In summary, the set of rules approved by the European Parliament aims to provide a safe and transparent environment for investors while ensuring the secure use of cryptocurrencies, preventing their misuse for malicious purposes and financing dubious causes such as terrorism. Additionally, the provisions of MiCA also aim to combat market manipulation and insider trading.

Meanwhile, the United States is at odds with the crypto industry

Europe already has approved rules for the cryptocurrency field and can now begin to verify and monitor the ecosystem in terms of productivity and technological innovation. Meanwhile, the United States still lacks defined rules for the digital market, allowing the Europeans to secure hegemony in the regulatory market.

The United States has been seen at odds with the crypto industry, largely due to the regulator, the SEC, showing no willingness to regulate the cryptocurrency market on American soil. Earlier today, the regulator responded to a petition from Coinbase, in which the exchange requested a clear yes or no answer regarding the creation of a law that regulates the digital asset market. The agency responded with a "maybe," indicating they are not in a hurry.

This lack of willingness has led to protests from various public bodies, such as the Chamber of Commerce and Republican senators, who have criticized the regulator harshly. After all, with this attitude, the agency is driving American companies away to other parts of the world where there are clearer rules establishing a market to work in.

It is safe to say that while Gary Gensler and company play house with the crypto market, Europe, the Caribbean, and Arabia are expanding their portfolio of laws to protect their investors and create a more transparent environment regarding the use of their cryptocurrencies to finance causes that are not advisable or ethical.