Mairead McGuinness, the European Union’s (EU) financial services commissioner, is committed to protecting investors and Bcoin (BTC) to limit the environmental impact of miningcryptocurrency called for a global agreement on
McGuinness, the EU’s top financial services official, said he wanted to make sure “no product goes unregulated” and warned of risks such as evasion of sanctions and financial instability in his article in The Hill.
“EU and USA Should Work Together for Bitcoin Cryptocurrency Regulation”
McGuinness stated that the US and EU can work together to lead the world in the international regulation of crypto assets:
“I believe that the US and EU can work together to lead a common international approach to the regulation of cryptoassets. Together we can maintain financial stability while allowing innovation in the world of finance while protecting consumers.”
“Cryptocurrencies Can Make Great Contributions to the World”
McGuinness also praised the crypto ecosystem and the benefits of Blockchain technology:
“The cryptocurrency ecosystem and the technology beneath it can make a huge contribution to the world. Thanks to blockchain technology, there is no need for centralized transactions and intermediaries. Third parties are eliminated. Blockchain makes transactions more efficient and transparent.
With this technology, payments can be cheaper, faster and more secure.”
The EU is on the verge of enforcing new laws to regulate cryptocurrencies, including a law called Markets in Crypto Assets Regulation (MiCA). In addition, when the European Union was about to ban cryptocurrencies that use the Proof of Work mechanism, such as Bitcoin and Ethereum, the law was changed at the last moment.
The finance ministers of EU member states warned in February that there was a risk of a vacuum in the regulation of cryptocurrencies.
However, it is noteworthy that the most crypto-friendly countries in the world are EU members Germany and Slovenia.
*Not investment advice.