Commissioner hopes for the sandbox for financial products with blockchains to end this year. According to McGuinness, Cryptocurrencies will allow a massive wave of investments to European companies, McGuinness said.
The growth of cryptocurrencies such as bitcoin (BTC) and their adoption in the world encourages countries to create new regulations to integrate them into their economy without escaping the control of the State.
According to this scenario, the European Union (EU) commissioner for financial services, Mairead McGuinness, called on European countries to accelerate regulations based on the MiCA (Markets in Crypto-Assets) proposal.
MiCA is an initiative that arrived in 2020 to regulate the crypto-assets market and aims to establish a regulatory framework to create a safe environment that benefits consumers and investors in that industry.
For the official, the regulations must get defined before the end of the year. In his view, the authorities must establish solid rules as soon as possible, said McGuinness at the fourth European Central Bank Forum on banking supervision, on 10 November.
Likewise, he considers that cryptocurrencies are evolving in a fast way. It would allow companies to enter that market and attract investors.
Another aspect touched by McGuinness in the activity is that the financial services commission intends to end the regulatory sandbox for products that use blockchains as a tool. A sandbox or sandbox is a closed test environment designed for safe experimentation.
MiCA still Generates a Wave of Doubts
Although the authorities firmly agree with the MiCA proposal, the member of the European Parliament, Eva Maydell, is not so sure about it. Maydell highlighted, during an activity, that defining a regulation for cryptocurrencies will take longer than they have thought, although she clarified that she is not against the crypto assets industry.
The reservations and rejective stance that some European officials have regarding bitcoin and the rest of the cryptocurrencies came to the public eye in a series of reports that took place early this year.
The European Commission and the European Securities and Markets Authority (ESMA) classified bitcoin and cryptocurrencies as risky assets, as can be seen in the documents.
Although bitcoin is not yet complying with regulations in Europe, some measures connect to the network, and the other ones respond directly to The State.
One of those EU member countries that have made progress in the regulatory aspect is Spain, according to an analysis by the audit services firm KPMG. Most cryptocurrencies are not complying with regulations imposed by the EU, which prevents consumers of crypto assets from receiving an endorsement or guarantee that regulated financial services do.
It is important to remember that, in 2020, the European Commission presented a proposal regarding the regulation of the crypto-asset market, known as MiCA (Markets in Crypto-Assets) to create a safe environment that benefits consumers and investors.
By: Jenson Nuñez
