Circle Policy executive Patrick Hansen has disputed the claims despite the rumors of an exhaustive registry.
Patrick Hansen, the Policy Lead at stablecoin issuer Circle, published a post on X informing his followers of a fabricated European Union (EU) news story traversing the internet.
Circle Executive Provides Clarification Regarding EU Commission Plans
The rumor pertains to the European Union‘s intention to establish a European-wide asset registry for currency, crypto, and art. However, Hansen observed that this is yet another misleading EU news as the statement issued by Eric Mamer, the spokesperson for the EU Commission, refuted the allegation.
It is important to note that Mamer explicitly stated that the EU Commission has no intention of establishing a central database for citizens’ assets.
The EU spokesman confirmed that the bloc is studying registering assets in the EU member states. Nevertheless, it does not include any plans to develop a wealth registry, nor does the Commission intend to initiate any activity based on the results. The research will, however, offer a deeper understanding of the mechanisms in place in the 27 member states of the European Union.
Similarly, the Circle recalled that the EU Commission commissioned a study three years ago to examine the “feasibility of a European asset registry in the context of the fight against money laundering and tax evasion. ” The public procurement was valued at €400,000, currently equivalent to $434,860. The operational feasibility conclusion, as well as the study’s results, are accessible to the public.
“The majority of this group of assets were determined to be operationally unfeasible for the establishment of comprehensive and complete registries that denote ownership and value.”
The Circle executive advises his followers to exercise caution when examining EU news on X, even if it originates from “large accounts.” This is generally true for news about other regions that can be located on X. Bad actors, or clout chasers post false news regularly to elicit enthusiasm or confusion from their audience.
Employing MICA in Businesses and Organizations Located in the EU
The European Union is concentrating on implementing the Market in Crypto Assets (MiCA).
The rule is being adhered to by numerous financial service providers in the region. A few weeks ago, the Bank of Italy issued guidelines for the EU’s MiCA regulation.
The European Securities and Market Authority (ESMA) has issued an updated Q&A regarding specific guidelines, such as the provision of staking services under MiCA to facilitate the transition.
