Europe calls on non-EU nations to tighten crypto regulation

The European Parliamentary Research Service (EPRS) suggests stricter supervision of the crypto market to enhance stability and foster growth.

With the adoption of the Markets in Crypto-Assets Act (MiCA), EPRS emphasizes the need for a robust regulatory framework beyond the European Union (EU).

The European Parliament underscores that the EU’s financial system and autonomy remain vulnerable due to its dependence on the actions of non-EU countries.

The report states that the lack of proper crypto regulation will undermine financial stability and reduce market attractiveness. At the same time, the massive use of stablecoins is the main problem.

You might also like: Malta takes next steps to align with EU’s MiCA regulation

EPRS provided a report on the status of cryptocurrency regulation outside of Europe. In the United States, regulation remains fragmented with multiple stakeholders involved, indirectly affecting regulatory clarity and certainty.

“Zooming out to look at the global regulatory landscape, countries are taking a great variety of approaches to the rise of crypto-assets; at least 19 sovereign jurisdictions have taken action on them so far.”

EPRS report
Europe calls on non-EU nations to tighten crypto regulation - 1

In spring, the EU adopted crypto market requirements known as MiCA.

These regulations will be effective from December 2024 and aim to facilitate the entry of crypto firms into the European market.

Starting in 2025, crypto transactions will be subject to supervision. Crypto exchanges will be obligated to report transfers to private wallets exceeding €1,000 to regulators.

Numerous countries have expressed support for the EU’s move to regulate crypto. The United States, in particular, has considered using MiCA as a model for its own regulations.

You might also like: EU MiCA regulation seeks to restore trust in cryptos
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

FTX Wallet Drainer Relentless: Bridges Another 5,624 ETH to BTC

CertiK Alert posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications of multiple activities by the hacker, recently. The latest amount adds to over 30,000 ETH already bridged by the FTX wallet drainer. CertiK Alert, a platform that provides real-time alerts about crypto hacks, posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications about the recent resurfacing of the hacker who stole a significant amount of funds from the defunct FTX exchange. #CertiKSkynetAlert The FTX drainer has bridged another 5,624 ETH to BTC Receiving wallets: Bc1q8…m7zcy Bc1qs…fyhdy Bc1q7…3tg27https://t.co/4J3l9hyvjX — CertiK Alert (@CertiKAlert) October 4, 2023 The recent alert comes after CertiK Alert had posted about the hacker bridging up to 30,000 ETH to BTC as of October 2, 2023. Over the weekend, the crypto industry observed renewed activity on the w...
Read more

Here’s how to prevent NFT theft, according to industry professionals

Image
Professionals working in the Web3 space highlighted various tools and best practices to protect NFTs from hackers and scammers. As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks.  However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft . In addition, users can also take various actions after losing their digital collectibles to hacks. Ronghui Gu, the co-founder and CEO of blockchain Security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious links and be very careful when signing token approvals,” Gu shared. Taking it a step further, the executive shared other best practices like periodically checking and revoking unneeded permissions and segregating NFTs into differen...
Read more

Sell the rumors… Buy hack announcements? Unibot retrospective

In the aftermath of a significant security breach affecting Unibot (UNIBOT), an unexpected twist in market psychology surfaced. A leading analyst on prominent crypto analytics platform Santiment dissected the curious case of Unibot price action following a hack, challenging the old adage of “sell the rumor , buy the news.” He wrote: Panic creeps in, you start getting doubts (especially having experience multiple blowups of projects before), maybe it’s just better to sell and wait it out? Looks like many UNIBOT holders felt those kind of feelings in the recent days. On Oct. 31st, a capitulation event was observed for Unibot as long-standing coins changed hands in response to panic stemming from a cryptic tweet by the coin’s developers. The subsequent sell-off resulted in the largest transaction volume spike for Unibot, accompanied by a noticeable increase in active addresses — a movement tracked closely by Santiment’s tools. If you read any UNIBOT-rel...
Read more