cryptoassets deserve a stricter regulatory approach, says Andrea Enria By Estadão Conteúdo

2023-11-14 16:57:13

© Reuters ECB: cryptoassets deserve stricter regulatory approach, says Andrea Enria

President of the Supervisory Board of the European Central Bank (ECB), Andrea Enria defended this Tuesday a “tougher regulatory approach” for cryptoassets, with the aim of reducing the risks of digital assets. “Recent turmoil in crypto markets, including unsustainable business models and egregious fraud, makes a strong case for stricter rules,” she said, in a speech prepared for the event.

Enria argued that the new rules need to address beyond currencies, capital flows and pricing, to include more complicated aspects – such as mining operations, asset issuance and regulatory jurisdiction. “For example, the will be captured by service provision rules for cryptoassets, but the issuance (or mining) of bitcoins would be outside the scope proposed by the Markets in Cryptoassets Regulation (MiCAR, its acronym in English)”, explained the director.

The MiCAR legislation was approved by the European Council this year and came into force in June, with full implementation expected by the end of 2024.