The European Union (EU) Commissioner for financial services, stability, and capital markets, Mairead McGuinness, calls for unified crypto regulation.
McGuinness called for the international regulators to join hands together and address the rising crypto market risks.
As the cryptocurrency is eyeing global adoption, more and more investors pool their money into it. Many see the cryptocurrency realm as a floor of opportunity to make quick money and have high returns. The rising popularity also comes with many addressable risks. The statement was addressed in a Sunday publishing on The Hill.
EU Commissioner aims to mitigate the risk
I believe that the EU and the U.S. can together lead the way on a shared international approach to regulating crypto. Together, we can enable innovation in finance, while protecting consumers and maintaining financial stability.
McGuinness
She added that the crypto realm and the underlying technology could greatly benefit the entire global nation and citizens. The critical feature of crypto is the decentralization feature that removes the need for go-betweens and allows transactions to be more efficient. It can also enable faster and cheaper payments.
McGuinness said that one could not act blind to crypto’s potential risks. She also added about the recent discussions about using crypto to evade sanctions and money laundering. As for the additional risks include the negative effect on the environment and the high consumption of energy.
McGuinness emphasized that the EU is one of the significant jurisdictions bringing comprehensive crypto regulation. She also said that the European Central bank is ready to propose the required regulations for the digital euro dream.
McGuinness said that there must be global coordination to make crypto bring out its full potential. She added that the EU and the US could lead the way in regulating crypto.
I call on the international community to accelerate the work done by the G20’s Financial Stability Board and sectoral standard setters, and move to agree to a global approach on crypto-assets. The G20 Finance Ministers and Central Bank Governors meeting of Feb. 17 and 18 is a first step.
McGuinness
She also said that there is no time to waste in making the lives of investors, businesses, and society easier to use cryptocurrency.