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The European Parliamentary Research Service (EPRS) report emphasizes the need for harmonized regulations across major jurisdictions for the cryptocurrency market. Highlighting U.S. regulatory fragmentation, it underscores the potential challenges of decentralized crypto assets and advocates for international oversight convergence.
Addressing concerns regarding the stability and development of the global cryptocurrency market, the report recommends enhanced oversight from non-European Union (EU) regulators. These measures aim to ensure greater stability and minimize risks to the EU's financial system and autonomy.
Of particular focus is the upcoming implementation of the Markets in Crypto-Assets Regulation (MiCA), the EU-wide regulatory framework set to be enforced in December 2024. However, the report raises concerns about the potential risks posed by policy actions taken by non-EU countries within the scope of MiCA.
The interconnectedness of global financial markets further compounds the necessity for a degree of convergence in regulation between key jurisdictions. The authors argue that such convergence is crucial to mitigate the risk of regulatory arbitrage and the impact of decentralized features exhibited by certain cryptocurrencies.
A significant aspect of the report centers around the regulatory landscape in the U.S. Describing it as fragmented due to the lack of a federal-level crypto-asset regime; the report highlights the emergence of substantial regulatory divergence among different states. Introducing the "BitLicense" in New York in 2015 resulted in major crypto companies ceasing operations within the state.
The report concludes by emphasizing the importance of harmonizing regulations across major jurisdictions to ensure the stability and growth of the global cryptocurrency market. Market stability can be safeguarded by implementing measures that enhance oversight from non-EU regulators and address the concerns raised by the decentralized nature of crypto assets.
The recommendations in this report aim to promote stability, minimize risks, and foster a coherent regulatory framework that supports the continued development of the global cryptocurrency market.
Photo: Markus Spiske/Unsplash
