• EU’s financial services official Mairead McGuinness has said that new European Union crypto rules are pointless unless the rest of the world follows suit.
• The turmoil in the crypto market has given extra ammunition to those pushing for a global rulebook.
• McGuinness warned future crypto innovations need to be focused on people, and that a global approach is necessary to prevent more problems.
At the World Economic Forum on Thursday, it was made clear that the European Union’s leading financial-services official is making it known that new EU crypto rules are pointless unless the rest of the world follows suit. Mairead McGuinness, the European Commissioner, made this known in her talks with CoinDesk on the sidelines of the meeting in Davos.
McGuinness pointed out that the turmoil in the crypto market has added fuel to those seeking stricter crypto rules, and that the European Union can set an example by being the first major jurisdiction in the world to regulate the sector with its Markets in Crypto Assets regulation (MiCA). However, she also pointed out that this would be pointless unless other countries follow suit, as the technology is borderless.
McGuinness continued to say that a global approach is necessary to prevent more problems, and that future crypto innovations need to be focused on people. She stated that the technology should be accessible to everyone and that the rules should be fair and consistent across borders.
Furthermore, McGuinness warned that if the European Union does not take a global approach to regulations, it will open up a world of problems and potentially stifle innovation. To prevent this, she believes that it is important to have a global set of regulations that all countries follow, so that there is a level playing field for all.
It is clear that McGuinness is pushing for a global approach to crypto regulations, and that the European Union is leading the way in this regard. However, it is also clear that she is adamant that other countries must follow suit in order for the regulations to be effective and for the technology to reach its full potential.