The European Union is set to vote on new regulations for cryptocurrency, known as Markets in Crypto Assets (MiCA), which lawmakers say will end the industry's "wild west" era and restore trust following high-profile collapses last year.

The Netherlands will take a tough line enforcing new European Union crypto rules even if it means business goes elsewhere, the head of the Dutch Authority for Financial Markets (AFM) has said in an article published Friday.

Crypto firms in the United States are reportedly finding the landscape across the Atlantic much more suited to their needs.

Binance, the world’s largest cryptocurrency exchange, has received regulatory approval from the Swedish Financial Supervisory Authority to operate as a financial institution to manage and trade in virtual currency, as part of the exchange’s continuing expansion in Europe. Binance said in a Wednesday statement that the latest registration means that Swedish residents can access the company’s crypto services, including euro deposits and withdrawals. (forkast)

Companies of any size processing crypto transactions for customers in the European Union will soon need to report these for tax purposes under proposed legislation.