The European Union has approved the world's first comprehensive package of rules aimed at regulating the cryptocurrency industry, with the aim of protecting consumers from potential risks. The rules will impose a number of requirements on Crypto platforms, token issuers and traders, with platforms required to inform consumers about the risks associated with their operations and sales of new tokens coming under regulation. Stablecoins like tether and Circle's USDC will be required to maintain ample reserves to meet redemption requests in the event of mass withdrawals, while stablecoins that become too large also face being limited to 200 million euros in transactions per day. The European Securities and Markets Authority, or ESMA, will be given powers to step in and ban or restrict crypto platforms if they are seen to not properly protect investors, or threaten market integrity or financial stability. The legislation also addresses environmental concerns surrounding crypto, with firms forced to disclose their energy consumption as well as the impact of digital assets on the environment. Mairead McGuinness, European commissioner for

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