The European Parliament Research Service (EPRS) has highlighted the need for enhanced supervision by non-European Union (EU) regulators to ensure greater stability and development of the global cryptocurrency market.
As the Markets in Crypto-Assets Regulation (MiCA) Act prepares to be implemented in December 2024, an EPRS report co-authored by Issam Hallak and member research service Rasmus Salén points to the need for a stricter regulatory framework in non-EU jurisdictions. :
“The EU’s financial system and autonomy remain at risk through multiple channels, as it remains dependent on policy actions by non-EU countries in the context where MiCA applies.”
The main concerns highlighted by the report’s authors are financial stability, declining market attractiveness and the potential impact of mainstream adoption of stablecoins.
The report states that the regulatory environment in the United States is fragmented and involves a variety of state-level and federal stakeholders, which indirectly affects legal clarity and regulatory certainty.
The report also highlights the UK’s Financial Services and Markets Act (FSMA) and a study conducted for the European Parliament, which predicts that “significant differences between the UK and the EU over how cryptoassets are used over the next few years” have been Identify. ”
related: Binance plans to delist stablecoins in Europe citing MiCA compliance reasons
On September 18, the Malta Financial Services Authority (MFSA) began a public consultation on changes to its cryptocurrency regulations to better align with the upcoming MiCA regulations.
As Cointelegraph previously reported, the revised rulebook proposes changes to rules for exchanges, custodians, and portfolio managers to align with the EU’s MiCA.
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