Countries outside the Schengen area should provide stricter oversight of the cryptocurrency industry. This is stated in a report by the European Parliamentary Research Service (EPRS).
“There are still several channels through which the financial system and the autonomy of the European Union continue to be at risk, as they depend on the political actions of non-EU countries in the context of applying MiCA“, the document says.
EPRS experts identified a decrease in the attractiveness of the market and the widespread use of stablecoins as potential consequences for financial stability.
The report found that the United States has a “fragmented regulatory environment” involving various stakeholders at the federal and local levels. According to experts, this indirectly affects legal clarity and certainty of regulation.
19 jurisdictions have already taken action regarding crypto assets. The Japanese legislative framework is considered one of the most stringent in EPRS.
In April, the European Parliament voted for a bill to comprehensively regulate the crypto industry MiCA. The main provisions of the rules, including those related to stablecoins, will come into force one year after adoption.
Let us remind you that DL News journalists studied the attractiveness of European jurisdictions for crypto firms.
Found an error in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!