The new crypto regulations that were published recently by the European Banking Authority were well received by the industry, although some of them had contrasting thoughts.
The European Banking Authority made headlines for the European crypto community when it recently published new rules. The regulator created rules for crypto asset service providers to mitigate risks. The risks pertained to crimes related to terrorism financing and money laundering. After a short while, the new crypto regulations saw responses from industry captains with distinctive opinions.
“The most important thing is that totally the same obligations which are now enforced and will be enforced in the future for the banking sector, are also enforced concerning crypto assets business,” said European parliament member Eero Heinaluoma. He added, “This is important because we know that a lot of money is going from the traditional payments to the crypto area.”
On the other hand, Robert Kopitsch, Secretary General of Blockchain for Europe, an advocacy group, had differentiating thoughts to share. He claimed a more level playing field should have been created. Other members also said the scope has stayed the same for Europe’s MiCA crypto law. Meanwhile, the European parliament and council must adopt the new crypto regulations before they take effect.
Meanwhile, a new report has emerged, which reports the stark rise of crypto users worldwide. The number of crypto users increased by 34% in 2023, hitting 580 million. Various new crypto policies and regulatory developments may accelerate the change.
Europe has led the narrative for crypto policies, making pro-industry regulations promoting adoption. Although industry insiders differ on some aspects, continued negotiations and consultations will likely continue. The results could be an enabling factor in making Europe a crypto hub.
Millionero’s blog is a one-stop destination for all news and trends from the crypto sector!