Mairead McGuinness said the U.S. and the EU were each moving forward on comprehensive frameworks for crypto, with President Joe Biden's government order and the MiCA proposal.
Mairead McGuinness, the commissioner for financial services, financial stability and capital markets union at the eu Commission, is looking for global regulators to figure together to address potential risks within the crypto market.
In a Sunday opinion piece in political media outlet the hill, McGuinness said the european Union and the us may facilitate lead the planet in a very restrictive approach for cryptocurrencies that considers the benefits of the innovative technology while addressing “significant risks.” The EU commissioner pointed to the volatility of sure assets, the danger of trading, the possibility of crypto being employed by Russia to evade sanctions and environmental issues.
“To make rules on crypto fully effective, crypto needs international coordination and joint international principles,” said McGuinness, adding:
“A global agreement on crypto should first enshrine that no product remains unregulated. Second, supervisors should collect and exchange information globally. Third, any agreement must protect retail investors. Fourth, the crypto ecosystem should fully integrate environmental considerations.”
According to the EU commissioner, European regulators had already emotional forward in providing a comprehensive framework on crypto with the Markets in Crypto Assets, or MiCA, proposal, that basically standardizes all rules for crypto service providers inside the ecu Union. She also same the manager order signed by President Joe Biden in March “charts the approach for U.S. regulation of crypto assets” by laying down a framework for presidency agencies to handle crypto-related policies and enforcement actions.
“We have no time to lose in managing this transformation for the benefit of investors, businesses and wider society,” McGuinness said.
( Turner Wright, Cointelegraph, 2022 )