By 
The European Parliamentary Research Service (EPRS) has emphasized the necessity for stricter oversight by regulators outside the European Union (EU) to ensure increased stability and growth in the global cryptocurrency market.
As the Markets in Crypto-Assets Regulation (MiCA) Act progresses towards implementation by December 2024, an EPRS report underscores the importance of establishing a more comprehensive regulatory framework in non-EU jurisdictions. The report highlights the risk to the EU’s financial system and autonomy stemming from its reliance on policy actions in non-EU countries where MiCA applies.
The report primarily raises concerns about potential implications related to financial stability, reduced market attractiveness, and the mainstream adoption of stablecoins.
Regarding the United States, the report points out a fragmented regulatory landscape characterized by various state-level and federal stakeholders, indirectly affecting legal clarity and regulatory certainty in the crypto space.
The report also discusses the United Kingdom’s Financial Services and Markets Act and anticipates a substantial divergence in the regulation of crypto-assets between the UK and the EU in the coming years.
In response to the forthcoming MiCA regulations, The Malta Financial Services Authority (MFSA) initiated a public consultation on September 18 to align its crypto regulations more closely with MiCA. The proposed changes in the rulebook aim to ensure compliance with EU MiCA regulations, particularly for exchanges, custodians, and portfolio managers.
This call for enhanced global cryptocurrency regulation beyond EU borders reflects the EU’s commitment to promoting stability and security in the evolving crypto landscape.
Comments