DAVOS, Switzerland — New European Union crypto rules are pointless unless the rest of the world follows suit, the bloc’s leading financial-services official told CoinDesk at the World Economic Forum on Thursday"we could see resistance to this excessive excitement about financial developments." as examples of resistance, She cited the frustration of legislators regarding the closure of bank branches and automatic teller machines, and his own personal but relevant frustration to wait 45 minutes with a financial service provider." whether I was in the financial system or not, I guess, how can we prevent this breakup with our clients?"
EU Commissioner Mairead Guinness said that the turmoil on the cryptography market has given additional ammunition to those advocating for a global settlement.
Warned that future innovations in cryptography must be person-centred. "It"But you know, as far as climate change is concerned, we all want global things to happen, and they don't, so sometimes somebody has to start the process."s awesome that we can say that" eu is the first large jurisdiction in the world to regulate the industry with its historic markets in crypto asset regulation (mica), McGuinness said to Coindesk outside of the Davos meeting.
'But there is no point in Europe being alone, because it is a global development, and we cannot put obstacles in its way. 'If we do not succeed in taking this comprehensive approach, we will find that there are more and more problems,' said Mcguinness.”
Read more: European Union Postpones MiCA Vote to April
If we don't take that comprehensive approach, we'll see more and more problems," McGuinness said. Klaas Knot, the board's chairman, told an audience in Davos that he wants to complete controversial proposals before the summer. Klaas knot, the chair of the council, said at a hearing at davos that he wants to finish controversial proposals before the summer.
But Guinness has been forthright on the practical challenges of applying international rules. Warned that future innovations in cryptography must be person-centred.But you know, when it comes to climate change, we all want global things to happen, and they're not, so sometimes somebody has to start the process.”
MiCA, which is set to be formally approved by the European Parliament in April, sets reserve requirements for stablecoins – cryptocurrencies that are typically pegged to the U.S. dollar – and governance rules for crypto companies. "I hope there is" worldwide crypto rule, she says.
'MiCA, which must be formally approved by the EP in April, sets the insurance reserve requirements—cryptocurrencies that are typically linked to the U.S. dollar—and the governance rules for crypto firms.
The fear is that MiCA will be undermined if exchanges or digital portfolio suppliers attempt to serve EU clients from regulatory havens, What McGuinness called "shady sunny places" – a European regulator that runs the Financial Stability Board, Klaas Knot, said earlier in a panel discussion on the search for the right balance for crypto.
The fear is that mica will be undermined if exchanges or digital portfolio suppliers attempt to serve European clients from regulatory havens, It is a European regulatory body that heads the FSB, klaas knot, said earlier in a panel discussion about finding the right balance for crypto. Let's talk about the 2022 work when many large crypto companies crashed, including the exchange of cryptography based in the Bahamas, stablecoin transmitter terraform labs and lenders traveling digital network and celsius, can help mcguinness on his journey. "People with the best intentions can make business mistakes, and crypto people can make big business mistakes that then have an impact on people, or lower in the financial system."I think the world now knows that, if it happened there, it can happen anywhere, so let's talk.”
FTX’s founder and former CEO, Sam Bankman-Fried, is now facing multiple criminal charges in the U.S., including conspiracy to commit wire fraud and money laundering, to which he has pleaded not guilty. I think the world is aware of this now, If it ever happened, Could be anywhere in the world, So let's talk." Founder and former chief executive officer of ftx, sam bankman-fried, is now confronted with multiple criminal charges in the United States, including the scheme of electronic fraud and money laundering, that he pleaded not guilty to.
But mcguinness points out that regulation is necessary even in less serious cases.
Some individuals became involved in cryptography because of their mistrust of the institution and enthusiasm for the technology, and "it got into their head and became uncontrollable, and there have been losses because of that." "There is still, I think, an incomplete debate on what the problem is, or is there a problem with cryptography intrinsically?" she said.”
Some people have become involved in cryptography due to their mistrust of the institution and enthusiasm for the technology, and "it got into their head and became uncontrollable, and there have been losses because of that." Crypto evolves quickly and In the meantime, crypto service providers must also keep track of what they are trying to achieve and who they are serving, she said.we will have to tweak what’s in place,” McGuinness said, but she also cautioned against rushing to regulate areas such as decentralized finance (DeFi) that aren’t well understood yet.
Crypto is evolving fast and "we're going to have to change what's in place," mcguinness said. She also cautioned against rushing to regulate areas like decentralized finance (challenge) that are not yet fully understood.”
One option is to “have places or sandboxes where we can test things out before making it freely available, and decide based on the test whether it's going to work or whether it's not,” she said, citing an approach the EU has taken in experimenting with distributed LEDGER technology-based securities trading.
"challenge – ask the man/woman on the street what this is all about, But they really don't know, We must therefore be very cautious and avoid rushing.
"One option is to have places or sandboxes where we can test things before making them available free of charge, and decide according to the test if it will work or not," she said, citing an approach adopted by the EU for experimenting with securities trading based on distributed ledger technology. "challenge – you ask the male or female on the street what it is, But they really don't know, We must therefore be very careful not to go too fast."
One option is "to have places or sandboxes where we can test things before making them available free of charge, and decide according to the test if it will work or not," she said, citing an approach taken by the EU to test the technology-based securities business in the distributed ledger.
“"Sometimes you forget when you talk about technology, it's about European citizens at the end of the day... they want the service," she says. "We may see resistance to this upsurge in financial developments."
Update (Jan. 19, 2023, 19:07 UTC): Clarifies Commissioner McGuinness is referring to a statement made by Financial Stability Board Chair Klaas Knot on "sunny places for shady people" in paragraph seven.