{"id":16343,"date":"2023-04-19T19:00:40","date_gmt":"2023-04-19T19:00:40","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/eu-urges-others-to\/"},"modified":"2023-04-19T19:05:48","modified_gmt":"2023-04-19T19:05:48","slug":"eu-urges-others-to","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/eu-urges-others-to\/","title":{"rendered":"EU urges others to copy its rules for cryptoassets"},"content":{"rendered":"\n<p>LONDON (Reuters) &#8211;     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&#8217;s financial services chief said on Wednesday.<\/p>\n<p>The European Parliament is due on Thursday to rubber stamp the EU&#8217;s markets in cryptoassets regulation (MiCA), the world&#8217;s first comprehensive set of rules for the hitherto unregulated sector. EU states have already given their approval.<\/p>\n<p>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.<\/p>\n<p>&#8220;I hope that our rules could become a model for other countries,&#8221; EU financial services commissioner Mairead McGuinness told the parliament.<\/p>\n<p>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.<\/p>\n<p>It is being rolled out in phases from July 2024 to give the sector time to adapt.<\/p>\n<p>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.<\/p>\n<p>&#8220;It marks the end of the Wild West era for cryptoassets,&#8221; Green Party lawmaker Ernest Urtasun told parliament.<\/p>\n<p>But other countries need to play their part by introducing robust rules as well, said McGuinness, whose officials drafted MiCA. &#8220;Global convergence is absolutely key.&#8221; <\/p>\n<p>Britain has just set out draft rules to regulate cryptoassets.<\/p>\n<p>McGuinness said the commission will study whether further rules are needed for decentralised finance, and for lending and borrowing in cryptoassets.<\/p>\n<p>&#8220;We believe had FTX been captured under the EU&#8217;s jurisdiction, many of its practices would not have been permissible under MiCA,&#8221; she added.<\/p>\n<p \/>\n<p> (Reporting by Huw Jones; editing by John Stonestreet)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/eu-urges-others-to\/file-photo-european-union-flags-fly-outside-the-european-commission-headquarters-in-brussels-3\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0OC-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3I0OC-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON (Reuters) &#8211; 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&#8217;s financial services chief said on Wednesday. The European Parliament is due on Thursday to rubber stamp the EU&#8217;s markets in cryptoassets regulation (MiCA), the world&#8217;s first [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":16578,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1220],"tags":[1223],"class_list":["post-16343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-technology","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0OC-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=16343"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16343\/revisions"}],"predecessor-version":[{"id":16579,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/16343\/revisions\/16579"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/16578"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=16343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=16343"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=16343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}