{"id":25776,"date":"2022-05-02T17:33:48","date_gmt":"2022-05-02T21:33:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=25776"},"modified":"2022-05-02T17:33:54","modified_gmt":"2022-05-02T21:33:54","slug":"eu-commissioner-calls-for-crypto-regulation","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/eu-commissioner-calls-for-crypto-regulation\/","title":{"rendered":"EU commissioner for financial services calls for global effort to regulate crypto"},"content":{"rendered":"\n
Mairead McGuinness, the European Union<\/a> EU commissioner for financial services, financial stability, and capital markets union, is urging a global effort toward regulating and addressing possible concerns in the crypto sector.<\/h5>\n\n\n\n
\"EU
EU commissioner for financial services calls for global effort to regulate crypto<\/figcaption><\/figure><\/div>\n\n\n\n

McGuinness said the European Union and the United States could help lead the world in a legislative strategy for cryptocurrencies\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that respects the benefits of the innovative technology while tackling “major concerns” in a Sunday opinion article in political media source The Hill.<\/p>\n\n\n\n

The volatility of some assets, the potential of insider trading, the likelihood of Russia using cryptocurrency to escape sanctions, and environmental concerns were all mentioned by the EU commissioner.<\/p>\n\n\n\n

“To make crypto regulations completely effective, worldwide coordination and shared international principles are required,” McGuinness stated, adding:<\/p>\n\n\n\n

\n

Cryptocurrency is going mainstream. To enable innovation in finance while effectively protecting consumers, we need a global approach to regulating crypto.

\ud83d\uddde Read more in my op-ed for @TheHillOpinion<\/use><\/svg><\/span><\/a>https:\/\/t.co\/UeBHKLW1zD<\/use><\/svg><\/span><\/a><\/p>— Mairead McGuinness (@McGuinnessEU) May 2, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

EU's move on regulating crypto framework<\/h2>\n\n\n\n

According to the EU commissioner, European regulators have already taken steps to offer a complete framework on cryptocurrency with the Markets in Crypto Assets, or MiCA<\/a>, proposal, which essentially standardizes all laws for crypto service providers across the EU.<\/p>\n\n\n\n

She also stated that President Joe Biden's March executive order “maps the way for US regulation of crypto-assets” by establishing a framework for government entities to handle crypto-related policies and enforcement actions.<\/p>\n\n\n\n

McGuinness stated, “We have no time to waste in managing this transformation for the benefit of investors, businesses, and society.”<\/p>\n\n\n\n

In addition to its work on MiCA, the European Commission has requested input from financial services experts on the prospective implementation of a digital euro.<\/p>\n\n\n\n

As of April 29, the European Central Bank<\/a> has commenced experimental development of a digital euro consumer interface. McGuinness stated that the European Commission “stands ready” to introduce legislation to support a central bank digital currency.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mairead McGuinness, the European Union EU commissioner for financial services, financial stability, and capital markets union, is urging a global effort toward regulating and addressing possible concerns in the crypto sector. McGuinness said the European Union and the United States could help lead the world in a legislative strategy for cryptocurrencies that respects the benefits […]<\/p>\n","protected":false},"author":12,"featured_media":25777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1332],"class_list":["post-25776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eu"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-8.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/25776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=25776"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/25776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/25777"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=25776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=25776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=25776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}