Crypto 'Wild West' needs a European sheriff

"The lack of regulatory clarity has been an obstacle for Europe's crypto market. Other governments around the world such as the USA or South Korea are already expressing signals of an innovation-friendly crypto Regulation. For the sake of competitiveness, Europe should launch a future-oriented Regulation. With MiCA, Europe is taking the path of innovation and progress", explained Stefan Berger, EPP Group MEP and lead negotiator on the subject, as Members of the Economic and Monetary Affairs Committee are about to vote to set up a European regulatory framework for crypto assets, such as bitcoin.

The draft law aims to create a harmonised market, promote legal certainty for crypto asset issuers and ensure equal rights for service providers.

“The markets for crypto assets have been like the Wild West for too long and need a European sheriff”, explained Markus Ferber MEP, the EPP Group's Spokesman in the Economic and Monetary Affairs Committee. “We cannot leave crypto assets to scammers and fraudsters. The new rules for crypto currencies will fill the existing regulatory vacuum by putting in place a clear framework to protect investors and ensure market integrity. This Regulation will help to move crypto markets away from the dodgy backwaters of the internet by applying minimum standards that are similar to other types of financial services. With this new law, the EU is taking the lead in regulating crypto”, explained Ferber.

"We managed to ensure consumer protection, sustainability, legal certainty and solid supervision in a field that had previously been entirely unregulated. Against certain attempts from the leftist Groups, we made sure that the new set of rules stays tech-neutral and innovation-friendly", Berger said.

"By including crypto asset mining in the EU Taxonomy for Sustainable Finance, we also pay respect to questions regarding the energy consumption of crypto assets, without discriminating against specific technologies", concluded Berger.