European Central Bank President Christine Lagarde emphasized the importance of regulating the sector, citing the collapse of the cryptocurrency exchange FTX.
The President of the European Central Bank said that with the collapse of FTX, it was revealed how “stable and reliable” the crypto money industry is.
While Lagarde emphasized the importance of regulating cryptocurrencies, the European Parliament also Markets in Crypto-Assets (MiCA) preparing to adopt the bill.
MiCA, which is expected to be adopted at the beginning of next year and implemented in 2024, will regulate a large part of the cryptocurrency industry.
According to Lagarde, Europe will become “a pioneer in the (crypto) world where innovation is plentiful and credibility low” thanks to the enactment of MiCA.
Again, such as decentralized finance.There are elements that are part of the crypto-asset world that are not adequately covered by MiCA.
In order for these to be included in the regulatory framework in the future, the President of the European Central Bank “will need a second MiCA” is thinking.