The regulations also require cryptocurrency service providers to perform due diligence on their customers to prevent money laundering and terrorist financing. The regulations will also apply to all cryptocurrency service providers regardless of where they are located. If they are providing services to European customers in the European Union, they need to comply. The new regulations are expected to provide a much greater level of transparency and security for the average investor and reduce the risk of fraud and illegal activities in the cryptocurrency markets. The regulations are part of a broader effort by the European Union to regulate the digital economy and to protect consumers in the digital age.
Last week we saw the French stock market hitting largely brought up my many luxury brands which make up many of the top 10 biggest companies in France. The French decided to celebrate the great milestone of economic achievements in the markets by storming the stock market. The United States see the US Democrats, they have just this week discussed the draft stablecoin bill that has been a kind of cycle lasting around desks for like a year but it's only just been published by the House Financial Services Committee. This is a 73-page bill and it's the first major piece of crypto that is been discussed right now in Congress. The draft bill will require stablecoin to maintain reserves backed by the coin on a one-to-one basis which is a great idea. It also requires stablecoin issuers like Tether and Circle to come in and register with Federal Reserve or face a one million dollar fine. The SEC Chairman Gary Gensler got grilled very good this week on whether or not Ethereum is a security and after almost five hours, he still could not answer the very simple question. The United States is falling behind very fast on the crypto market and it's a fast-moving market. If the US falls behind now in the crypto market, it's bad news.