European Regulator Lists What is Needed for 'Responsible Crypto Sector'
More dialogue between the crypto industry and supervisors, consumer education, “rigorous compliance,” and even a “mind shift” for some crypto firms are necessary for creating a “responsible” crypto sector, said José Manuel Campa, chairperson of the European Banking Authority (EBA).
The European Banking Authority is a regulatory agency of the European Union, whose goal is to contribute to the creation of the European Single Rulebook in banking through the adoption of binding technical standards and guidelines, as their website says.
In a Financial News commentary piece on Tuesday, the EBA chairperson noted that the European Parliament and Council concluded their negotiations on the European Commission’s proposal for a regulation on markets in cryptoassets, known as MiCA.
However, Campa argued,
“Concluding negotiations on MiCA […] should be seen as the beginning, not the end, of the work to foster the emergence of responsible cryptoasset products and services in the EU.”
MiCa is expected to enter into force in 2023. Campa described it as a “ground-breaking legislation” that creates an EU regulatory framework for crypto, including stablecoins, and for cryptoasset services, including custody and exchange.
Campa noted that,
“As authorities deepen their capabilities and apply the new perimeter of regulation, an uptick in enforcement actions can be expected to stamp out unlawful or unscrupulous practices in the cryptoasset market. This action should be welcomed not only to protect consumers, but to address practices that tarnish perceptions of legitimate uses of the technologies across the financial sector.”
Campa argued that, in order to create such a climate in which “responsible cryptoasset products and services can emerge at
Read more on cryptonews.com
