EU Commissioner Calls for Global Crypto Regulations

• The European Commissioner Mairead McGuinness has called for global crypto regulations instead of just EU regulations.
• McGuinness said that without a global approach, the crypto market will suffer from more and more problems.
• The EU has already passed the Markets in Crypto Assets regulation (MiCA), but the vote has been postponed to April.

The European Union is one of the first major jurisdictions in the world to regulate the crypto market with its Markets in Crypto Assets regulation (MiCA). As the crypto sector continues to grow in global importance, the EU’s leading financial-services official has called for global crypto rules instead of just EU rules.

Mairead McGuinness, the European Commissioner, told CoinDesk on the sidelines of the World Economic Forum in Davos that the turmoil in the crypto market has given extra ammunition to those pushing for a global rulebook. She said that the technology is borderless and if the world fails to put a global approach into place, the crypto market will suffer from more and more problems.

McGuinness also said that it’s great that the EU is the first major jurisdiction in the world to regulate the sector, but there’s no point in Europe being on its own because this is a global development and it can’t be restricted to just one region.

The EU’s MiCA regulation was meant to have been voted on in December, but the date has since been pushed back to April. The regulation, which was first proposed in September 2020, is intended to regulate the crypto sector in the same way that traditional financial markets are regulated. It includes provisions for consumer protection, transparency and market integrity.

The regulation also includes measures to protect investors, such as rules against insider trading and market manipulation, and new rules on custody and trading of digital assets.

The MiCA regulation is an important step forward in the global regulation of the crypto sector. If the world is to make use of the potential of the sector and protect investors, it is important that the regulation is adopted by all major jurisdictions. This is why McGuinness is calling for a global approach to crypto regulation, so that all countries are on the same page.