Digital asset regulations around the world vary by jurisdiction, adding to the lack of clarity on regulations for virtual asset service providers. This is all subject to change in the future, and recent forums between regulators on both sides of the Atlantic Ocean could be an important first step.
EU and US regulators met at the Joint Financial Regulatory Forum to exchange views on topics of mutual interest as part of regular financial regulatory dialogue. Joint statement By the guard dog revealed. One area of interest was the regulation of digital assets and stablecoin. EU market for crypto assets (MiCA) The framework is at the center.
On the US side, participants include de facto stakeholders from the Treasury, the Federal Reserve System, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), and the Securities and Exchange Commission (SEC). Was there. Digital asset regulator.
The Office of the Comptroller of the Currency (OCC) was also represented. Increasingly influential In Bitcoin space.
The EU delegation included representatives of the European Commission, the European Banking Authority, and the European Securities and Markets Authority.
The European Central Bank (ECB) also participated in the forum. The ECB, led by President Christine Lagarde, has long opposed Bitcoin and has promoted the digital euro as a better alternative to digital assets and stablecoin.A week ago, the bank report He criticized Proof of Work and called on Member States to consider banning PoW digital assets due to climate change concerns.
EU regulators become U.S. regulators MiCA, EU parliamentary recently agreed regulatory framework.. Some of its provisions include requiring stablecoin issuers to maintain sufficient reserves to meet redemption demands and empowering ESMA to ban VASP.
MiCA states, “Order in the wild west of crypto assets, provide legal certainty to crypto asset issuers, guarantee equal rights to service providers, and ensure high standards for consumers and investors. Set clear rules for a well-established market. “
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