The European Parliamentary Research Service (EPRS) highlighted the necessity for tighter oversight from non-European Union regulators to make sure higher stability and improvement within the international cryptocurrency market.
As the Markets in Crypto-Assets Regulation (MiCA) Act continues on the highway to implementation by December 2024, an EPRS report cited the necessity for establishing a tighter regulatory framework in non-EU jurisdictions:
“There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”
Potential implications round monetary stability, decrease market attraction and mainstream use of stablecoins had been the principle considerations highlighted by the report’s authors.
According to the report, the U.S. has a fragmented regulatory panorama, which entails quite a lot of state-level and federal stakeholders, not directly impacting authorized readability and regulatory certainty.
The report additionally highlighted the U.Ok.’s Financial Services and Markets Act and a research performed for the European Parliament, which expects a big divergence “over the coming years between the UK and the EU in terms of how crypto-assets are identified.”
Related: Binance plans to delist stablecoins in Europe, citing MiCA compliance
On Sept. 18, The Malta Financial Services Authority (MFSA) started a public session over adjustments in its crypto rules to raised align with the upcoming MiCA rules.
As Cointelegraph beforehand reported, the revised rulebook proposes changes to the foundations for exchanges, custodians and portfolio managers to align with the EU’s MiCA rules.
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