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EU Commissioner Calls for Global Common Principles for Crypto Assets

As the US, EU and many regions are pushing for comprehensive frameworks to tighten regulation of cryptocurrencies and related assets, an EU commissioner has called for cooperation, development of rules on a global scale to fully address the potential risks in this emerging sector.

Specifically, in a comment on The HillMairead McGuinness, Commissioner for Services, Financial Stability and Capital Markets in the European Union (EU), called on regulators globally to work together to address potential risks in fields electronic money.

An EU commissioner asks global regulators to work together to tackle risks in the crypto sector

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According to Ms. McGuinness, the EU and the US can help lead world access to safe regulations in the field of cryptocurrencies, thereby significantly addressing possible risks. The “risks” mentioned by McGuinness include volatility (manipulation), insider trading risks, the use of cryptocurrencies to circumvent sanctions, and environmental concerns. .

To address those risks, Ms. McGuinness recommends global coordination to have common international principles, including:

– A global agreement on crypto-assets that insists all digital products must be regulated.

– Supervisors collect and exchange information globally.

Any deal must protect retail investors.

– The crypto-crypto ecosystem should consider the environment carefully.

According to Ms. McGuinness, European regulators are well prepared to provide a comprehensive framework for cryptocurrencies with the crypto-asset market, or to essentially standardize all the rules for Cryptocurrency service providers in the European Union.

“We took no time to manage this transition for the benefit of our investors, enterprise or social,” said McGuinness.

Besides the new regulation for crypto assets (MiCA), EU also called on financial services professionals to consider the possibility of implementation electronic euro (electronic fiat currency).

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