The European Parliament is expected to vote in favour of the initial set of rules governing trading on cryptocurrency marketplaces later today.

If approved, the regulations would make it possible to track down cryptocurrency holdings, which would stop money laundering, terrorism funding, and other crimes.

Cryptocurrencies are still in their infancy, according to several MEPs, and their long-term prospects is uncertain.

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

The use of cryptocurrencies in terrorism financing and criminal activity is a source of concern.

The hackers who targeted the HSE in 2021 requested a cryptocurrency ransom.

These new regulations are anticipated to be approved later this afternoon and go into force starting in July of the following year.

They would demand that those enabling currency trade register with an oversight organisation.

In order to comply with the climate aspect, service providers must reveal their energy usage.

It will enable the industry to develop in a safer environment, according to Mairead McGuinness, the European Commissioner for Financial Services.

Chris MacManus, an MEP for Sinn Féin, participated in the negotiations over these new rules.

He acted as the Left Group's "shadow rapporteur," which meant that he conducted negotiations on their behalf.

Mr. MacManus stated that although he did not necessarily wish to support or encourage the expansion of cryptocurrencies, he thought there was a need to control the industry in an interview with RTÉ's European Parliament Report show.

He added that it was uncertain whether 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 crypto currency industry.

Express According to insiders, the crypto platform Gatecoin is situated in Hong Kong.
According to rumours, a court in Hong Kong has designated cryptocurrencies as "property" that can be held in trust for the regulation of bankrupt cryptocurrency exchange Gatecoin, according to Cointelegraph.

According to Cointelegraph, judge Linda Chan stated that the cryptocurrency has property features in respect to the decision made by the legal firm Hogan Lovells. "Like other common law jurisdictions, our definition of 'property' is an inclusive one and intended to have a wide meaning," Linda Chan continued.

According to sources, Hogan Lovells believes the new regulation may help Hong-Kong users grasp digital assets. The Hong Kong decision reportedly said that the cryptocurrency has attributes comparable to those of other digital assets.

In addition, this issue involves Gatecoin, a Hong Kong-based cryptocurrency platform that experienced a hacking attack in 2016 and lost roughly $2,000,000 in digital assets. According to Cointelegraph, it is anticipated that the exchange will receive a compulsory liquidation order from the Hong Kong court in March 2019.