EU states urged to agree on crypto regulations

Currently in negotiations

The European Commission, the executive branch that proposes legislation for the European Union, is calling on its members to agree on its crypto asset regulation draft by the end of autumn.

Member states are “making progress in their negotiations on the draft regulation,” Mairead McGuinness, commissioner for financial stability, financial services and capital markets union, reported during a virtual conference.

“Crypto assets are evolving fast, enabling homegrown firms to enter the market, while also attracting retail investors,” McGuinness said. ”It is our policy and our duty as policy makers to put sound rules in place as quickly as possible.”

“Our framework for markets and cryptoassets will introduce a bespoke regime for previously unregulated crypto assets including stablecoins, and I think this will provide clarity, it will help to boost innovation, and, at the same time, solid rules for issuers and service providers will prevent abuse, fraud and theft, protecting investors and safeguarding market stability,” she went on to say.

McGuiness’s speech comes as regulators around the world are trying to figure out how to supervise cryptocurrencies and digital assets after the interest around them has skyrocketed over the past few years.

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇