In a major development for the crypto industry, the European Parliament has approved the first comprehensive set of rules for the market, while U.S. financial regulators continue to struggle with providing clear regulations. Ripple Labs, which has been seeking clarity in the U.S., has praised the EU's move and expressed their intention to build and grow in the European marketplace. The new set of rules, known as MiCA, was approved by 517 European lawmakers, with 38 against it. The rules aim to reduce risks for market participants and hold providers liable if they lose investors' digital crypto assets. This progressive approach to crypto regulation has been hailed by Ripple's International Policy Counsel as a sensible and positive step forward.

(By Ashish Kumar)