EU Commissioner Mairead McGuinness has called for an acceleration of crypto law.
European Financial Services Commissioner Mairead McGuinness said EU lawmakers need to quickly reach a political consensus and accelerate the transition of the cryptoasset regulatory framework.
McGuinness said in his speech that crypto law could also facilitate the imposition of sanctions against Russia.
“Of course we had a law on crypto, it would be easier to enforce sanctions if all crypto-asset service providers were regulated entities and were subject to effective regulation within the EU”
McGuiness, Ukraine The war in ‘Terra’s collapse and Celsius’ suspension of withdrawals cited three major reasons for speeding up the law.
“What I want is for MiCA rules to be the right tool to address concerns about consumer protection, market integrity and financial stability. This is extremely urgent given the latest developments”
The MiCA framework aims to regulate the digital asset space at EU level, setting licensing requirements for crypto-asset service providers and cryptocurrency issuers that will apply to all 27 member states. . The framework, which was first introduced in 2020, still causes various controversies.
