EU regulation for cryptocurrencies: protection for investors, innovation remains!

EU regulation for cryptocurrencies: protection for investors, innovation remains!

The regulation of cryptocurrencies is becoming increasingly important, and the recently adopted EU law to regulate crypto values, known as mica, could bring decisive changes. In a message, the French finance minister Bruno Le Maire expressed that this rules should better protect investors in the EU and prevent the abuse of cryptocurrencies. Especially with regard to stable coins, such as the Terra/Luna-Debakel, crypto owners should be able to switch more easily and free of charge in Fiat currencies. The regulation also stipulates that transactions of so -called Unhosted Wallets have to be reported in the future, which limits the anonymity of the users.

The CEO of Hummingbird Regtech, Matt van Buskirk, emphasizes that the regulation of the industry will gain aggressiveness and calls for a clear definition of cryptocurrencies so that it is not wrong with traditional systems. In the United States, the LummiS Gillibrand Brooden Act could provide clarity by officially integrating digital assets into the existing law. Van Buskirk emphasizes that strict measures should not prevent innovations from arising. The time to protect consumers and enable active further development of the crypto market, according to its urgent appeal, because "crypto regulation is necessary-and the time to write and implement it has come to the case", as www.finance.ch reported.