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 regulations require companies to disclose conflicts of interest and not use client funds, among other things, and will require more transactions to be reported to relevant authorities.

If passed, MiCA will receive final approval from the European Council in May before being published officially, with some requirements coming into force as early as July next year.