A Need for Global Unified Cryptocurrency Law & Regulation | AML, Security, CBDC

The European Union's Commissioner for Financial Services, Stability, and Capital Markets, Mairead McGuinness, has called for uniform crypto legislation. On May 2, 2022, the commissioner urged foreign authorities to work together to address the growing hazards in the crypto business. As cryptocurrency gains traction throughout the world, more and more people are putting their money into it.

 

Many people regard cryptocurrencies as a place where they may make quick money with great returns. The increased popularity comes with a slew of manageable hazards. She went on to say that the crypto world, as well as the underlying technology, might be extremely beneficial to the entire world's nation and residents.

 

Cryptography's most important aspect is its decentralization, which eliminates the need for intermediaries and makes transactions more efficient. It may also enable payments to be made more quickly and at a lower cost.

 

The commissioner stated that one could not be oblivious to the hazards associated with cryptocurrency. She also mentioned recent concerns concerning the use of cryptocurrency to circumvent sanctions and money laundering. The detrimental impact on the environment and the excessive energy usage are two additional hazards.

 

She noted that the European Union is one of the most important jurisdictions introducing comprehensive crypto legislation. The European Central Bank is prepared to offer the necessary laws for the digital euro dream to become a reality.

 

McGuinness believes that global collaboration is required for crypto to reach its full potential. She went on to say that the EU and the US might be the first to regulate cryptocurrency.

 

Aside from MiCA, the European Commission has requested input from financial services experts on the prospective introduction of a digital euro. As of April 29, the European Central Bank has commenced experimental development of a digital euro consumer interface. McGuinness stated that the European Commission "stands ready" to draft legislation to support a central bank digital currency.

 

Source

https://cointelegraph.com/news/eu-commissioner-calls-for-global-coordination-on-crypto-regulation