A European Union policymaker overseeing the introduction of new rules on the cryptocurrency industry has warned those opposed to regulation are on a “dangerous path”. European commissioner for financial services Mairead McGuinness said the impending Markets in Crypto Assets (MiCA) regulation already has an impact as lawmakers prepare to vote next year.
According to her, some companies want to be regulated and are already in compliance with the coming directive, while others oppose it.
“There are some people who oppose the regulated, managed system. They want it to be separate from it and parallel to it. That’s a very dangerous path.”
As FTX collapses, pressure grows on regulators around the world to demonstrate that they are protecting consumers.
McGuinness alluded to the FTX meltdown when he said: “Let me put it this way: there have been events in the crypto space.
Which may serve as a wake-up call for those who believed that investments would only grow in value.”
Global cooperation on cryptocurrency
McGuinness is a staunch proponent of making crypto regulation uniform throughout the European Union.
Recently, she has been sharing the European Union’s experience regarding MiCA with U.S. officials and discussing the possibility of a joint approach.
Earlier this year, she urged the global regulation of cryptocurrency in an op-ed on D.C.
McGuinness stated of her discussions with her American counterparts: “What I discovered in the United States was a great deal of interest in what we were doing here, as well as the markets and crypto asset legislation. And I believe there will be changes there.”