The European Parliament has endorsed the world's first legislative framework intended to govern the burgeoning cryptocurrency sector. The legislative body has voted 517 to 38 in favour of the Markets in Crypto Act (MiCA), marking a significant milestone in the global regulation of digital assets.

Societe Generale's cryptocurrency division, SG Forge, has announced the launch of a stablecoin pegged to the euro (EUR) on the Ethereum blockchain, marking the first asset of its kind on a public platform.

One of the three major credit reporting agencies in the United States, TransUnion, has announced plans to start supplying credit scoring to public blockchain networks, bringing off-chain credit data to the world of decentralized finance.

Top stories in the Crypto Roundup today:

• EU Parliament Passes Groundbreaking MiCA Crypto Regulation
• Societe Generale’s Crypto Arm Launches Euro-Pegged Stablecoin on Ethereum
• TransUnion to Offer Credit Scoring on Public Blockchains
• Crypto Market Movers – INJ, RNDR, CTSI

EU Parliament Passes Groundbreaking MiCA Crypto Regulation

The European Parliament has endorsed the world's first legislative framework intended to govern the burgeoning cryptocurrency sector. The legislative body has voted 517 to 38 in favour of the Markets in Crypto Act (MiCA), marking a significant milestone in the global regulation of digital assets.

The newly ratified act seeks to mitigate risks associated with cryptocurrency investments and holds providers accountable for any losses incurred by investors if they lose their digital assets.

The comprehensive legislation imposes a wide array of stipulations on cryptocurrency platforms, token issuers, and traders, emphasizing the importance of transparency, disclosure, authorization, and transaction supervision, according to a statement released by the EU Parliament.

Under MiCA, platforms are mandated to inform consumers about potential risks linked to their services, and the issuance of new tokens will be subject to regulatory oversight. Stablecoins including Circle’s USDC and Tether’s USDT will have to maintain sufficient reserves to fullfil redemption requests in case of large-scale withdrawals. Those with a large market presence may face daily transaction limitations.

The European Securities and Markets Authority (ESMA) has been granted the authority to intervene and impose bans or restrictions on cryptocurrency platforms deemed to inadequately protect investors or pose a threat to market integrity or financial stability.

Addressing the environmental implications of digital assets, MiCA obligates firms to disclose their energy consumption and the overall environmental impact of cryptocurrencies.

Separately, the European Parliament approved a law diminishing the anonymity associated with crypto transactions. The regulation extends the application of the “travel rule” to digital asset transactions to combat money laundering, and means that transfers between exchanges and self-hosted wallets above €1,000 must be reported.

Societe Generale’s Crypto Arm Launches Euro-Pegged Stablecoin on Ethereum

Societe Generale's cryptocurrency division, SG Forge, has announced the launch of a stablecoin pegged to the euro (EUR) on the Ethereum blockchain, marking the first asset of its kind on a public platform.

The stablecoin, dubbed EUR CoinVertible (EURCV), is intended to serve as a bridge between traditional capital markets and the digital asset realm for institutional clients, according to a statement on the Paris-based bank's website on Thursday.

SG Forge aims to address the growing demand from its clientele for a reliable settlement asset for on-chain transactions, as well as a means of facilitating on-chain liquidity funding and refinancing.

While U.S. banking giant JPMorgan launched its own stablecoin, JPM Coin, in 2020 as a settlement token between financial institutions, it’s transacted on the bank’s internal Onyx network, and not on a public blockchain like Ethereum.

In September, SG Forge secured registration from France's Autorité des Marchés Financiers (AMF) to offer cryptocurrency trading and custody services.

TransUnion to Offer Credit Scoring on Public Blockchains

One of the three major credit reporting agencies in the United States, TransUnion, has announced plans to start supplying credit scoring to public blockchain networks, bringing off-chain credit data to the world of decentralized finance.

The new service will make credit information available to decentralized applications at the consumer’s request. Consumers will receive their complete credit information, while decentralized applications will obtain relevant excerpts.

To ensure the protection of consumer identities on the blockchain, TransUnion has formed partnerships with Spring Labs and Quadrata. The collaboration will enable the delivery of credit data via a digital passport network. The project was announced over a year ago.

Earlier this year Experian, a TransUnion competitor, announced a partnership with Bulgarian DeFi lending platform Credefi, while Equifax, another major competitor, revealed its collaboration with the Oasis blockchain to offer Know Your Customer (KYC) services.

Crypto Market Movers – INJ, CTSI, RNDR

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Injective (INJ) - Injective is a finance-focused, open, and interoperable layer-one blockchain designed to power a range of next-generation decentralized finance applications. It’s built using the Cosmos SDK.

Cartesi (CTSI) - Cartesi provides a Linux runtime environment for scalable blockchain Dapps. Complex and intensive computations run off-chain while retaining the security guarantees of the blockchain.

Render token (RNDR) - The Render Network is designed to connect users looking to perform render jobs with people who have idle GPUs to process the renders. Owners would connect their GPUs to the Render Network in order to receive and complete rendering jobs using OctaneRender.

State of the Crypto by Top Tier Exchange Volume

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