The effort signifies the European Union’s renewed urgency in ensuring that European law addresses issues posed by digital assets.
The European Union is bracing for another wave of measures in the digital asset sector as Parliament mulls tougher laws for DeFi platforms and Web3 firms to boost its anti-money laundering campaign.
The central bank stated its intention in a paper it published reviewing the EU's Markets in Crypto Assets Act (MiCA), saying that South Korea's ICO ban has not been effective so far.
European Banking Authority chairman José Manuel Campa envisions challenges in hiring and retaining the specialized staff that will be needed as there is high demand for such talent across the market.
Regulators in the European Union and the United States met at the Joint Financial Regulatory Forum to exchange their views on topics of mutual interest as part of their regular financial regulatory dialogue.
The first step to classifying a digital asset, as laid out by the FSMA, is determining if they are "incorporated into an instrument" or if they are fungible or exchangeable.
While commending efforts made to regulate digital currencies in the EU's MiCA bill, the head of the European Central Bank argued that a follow-up framework focusing on the two aspects of the market is already needed.
Mairead McGuinness says that the Ukraine-Russia conflict, Terra’s $58b collapse, and Celsius withdrawal halt all point to the need for the quick passage of MiCA.
Officials of the EU are kicking against the proposal to ban digital currency services. According to reports, some officials state that there are serious doubts about maintaining a blacklist.
In an opinion piece published in the Hill, Mairead McGuiness shared that digital assets offer many opportunities for innovation but still pose significant risks, especially if not regulated properly.
The European Parliament’s economic and monetary affairs committee has voted to exclude the provision in the Crypto Assets (MiCA) framework that would have banned proof of work mining.