Legislation on the regulation of crypto-currency is expected to proceed to final vote in plenary session in the EU Parliament, before coming into force.
Sinn Féin MEP for the Midlands and North West, Chris MacManus, has been a key member of the Parliament's negotiating team on the matter.
He said these latest developments will serve as a "game changer" as the legislation will bring a level of transparency and regulation, particularly in the trading of crypto currencies.
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Mr McManus added that necessary regulation will ultimately improve consumer protection, financial stability and transparency.
He said it was necessary now for the legislation to be brought into force as soon as possible.
