• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Finance Laws

ECB to issue warning to eurozone over aligning crypto laws

by Matthew Upton
July 4, 2022
in Finance Laws
0
ECB to issue warning to eurozone over aligning crypto laws
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

[ad_1]

ECB to issue warning to eurozone over aligning crypto laws

Following the European Central Bank (ECB) president’s calls for greater oversight in cryptocurrency staking and lending, as well as the finalization of the Regulation on Markets in Crypto-Assets (MiCA) rules, the regulator’s concern continues and it is expected that it will issue a warning.

Indeed, the ECB plans to send out a stern warning to eurozone countries this week about the dangers of national regulators potentially getting ahead of the MiCA law that isn’t expected to come into full effect before 2024, Laura Noonan of Financial Times reported on July 4.

As a matter of fact, the MiCA rules are set to become law in 2023, and their full implementation is planned over the subsequent 18 months. Reportedly, their primary role is to protect investors’ and consumers’ interests in the crypto market and its key assets, such as Bitcoin (BTC), which have been suffering heavy losses.

According to the people familiar with the discussions, the warning will be issued at a meeting of the ECB’s supervisory board on July 5 and will call for harmonization of different rules before the EU-wide agreement becomes law.

Challenges in the long run

A country-level regulator in one eurozone country said the situation was difficult, as the national regulators face a dilemma:

“It’s very challenging. (…) With MiCA 18 months away, are you better to say, ‘until it’s in, do what you like, there’s no regulation,’ or are you better to try to get a handle on it?”

According to the FT report, another national regulator explained that national authorities would “need to come up with answers” as the pressure from the industry mounts. 

Some banks have been asking for clarity regarding the activities they could safely conduct, and some crypto companies have asserted the need for a lighter approach, while others have urged for boosting the industry’s credibility through regulation.

A positive sign?

In particular, the CEO of the crypto exchange solution provider Modulus, Richard Gardner, commented on the upcoming warning, saying that:

“It makes sense that the ECB would want to prevent a collection of national laws on cryptocurrencies. For one thing, it could lead to operators shopping for favorable jurisdictions. Beyond that, it will create confusion for multinational operators, and it could create an uneven playing field within the EU.”

On the other hand, he believes that MiCA “coming so far” was a positive sign and that “financial institutions need to understand what they can do and how they can safely and legally participate,” Finextra reported on July 4.

Notably, in late June, Finbold reported on Christine Lagarde, the president of the ECB, becoming the first person to expressly demand greater oversight of the practices of staking and lending in decentralized finance (DeFi), which she said were “definitely increasing.”

[ad_2]

Source link

Previous Post

How Much Do Interest Rates Help?

Next Post

Attorney Andreas Study Q&A – Free Press of Jacksonville

Next Post
Attorney Andreas Study Q&A – Free Press of Jacksonville

Attorney Andreas Study Q&A – Free Press of Jacksonville

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.