Britain has just set out draft rules to regulate
cryptoassets.
McGuinness said the commission will study whether further
rules are needed for decentralised finance, and for lending and
borrowing in cryptoassets.
"We believe had FTX been captured under the EU's
jurisdiction, many of its practices would not have been
permissible under MiCA," she added.
(Reporting by Huw Jones; editing by John Stonestreet)
By Huw Jones
LONDON, April 19 (Reuters) - The rest of the world
should copy European Union rules for cryptoassets to create a
robust global approach that protects consumers and financial
stability, the EU's financial services chief said on Wednesday.
The European Parliament is due on Thursday to rubber stamp
the EU's markets in cryptoassets regulation (MiCA), the world's
first comprehensive set of rules for the hitherto unregulated
sector. EU states have already given their approval.
The crypto sector has been rocked by the failure of crypto
exchange FTX and other collapses, sending benchmark bitcoin
prices tumbling, though it has begun to recover.
"I hope that our rules could become a model for other
countries," EU financial services commissioner Mairead
McGuinness told the parliament.
MiCA requires crypto firms to be authorised by the EU to
serve customers in the bloc, and to comply with safeguards
against money laundering and terrorism finance.
It is being rolled out in phases from July 2024 to give the
sector time to adapt.
Crypto firms authorised in one EU state would be allowed to
offer their services across all 27. EU cities including Paris
are already wooing firms in the sector.
"It marks the end of the Wild West era for cryptoassets,"
Green Party lawmaker Ernest Urtasun told parliament.
But other countries need to play their part by introducing
robust rules as well, said McGuinness, whose officials drafted
MiCA. "Global convergence is absolutely key."
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