How the EU Plans to Regulate Crypto: European Parliament member Eva Kaili says Facebook’s libra announcement in 2019 catalyzed lawmakers into action on digital assets.
For digital assets in particular, the catalyst was Facebook’s 2019 plans to build its own stablecoin, libra , a digital token backed by a basket of currencies and assets, Kaili said. She added that regulatory clarity for digital finance is key to fostering innovation and protecting citizens freedom and sovereignty from being exploited by Big Tech.
MiCA will allow firms to operate across the EU, and also set stronger consumer protection standards. It also sets out rules for digital asset issuance and public offerings, and has some specific requirements relating to stablecoins. It lays out additional requirements for the big, systemically important stablecoins, too. MiCA is going through its first readings [in the parliament], so it has some way to go. There have been no consultations between the EU parliament and council yet.
Since several countries are now exploring central bank digital currencies including China and Russia, I would say that global stablecoins can have unprecedented effects on all economies because of the connectedness of the financial system. And also consider that for the first time in more than a century, the U.S. dollar supremacy is being challenged.
There, we have an issue because decentralization has great benefits, but also some significant risks. Crypto adopters cannot turn to the authorities in case of fraud or cyber attacks or if they accidentally lose their funds. If decentralized systems don’t have a clear definition, then we have to definitely address it to give the industry that legal certainty.
CoinDesk: It seems as if the apprehension over Facebook’s libra has revealed some greater concerns about the influence of big tech in the EU. In the EU at least, as you said, regulating digital assets is not just about digital asset disruption in particular but part of a larger digital strategy concerning the internet, data and financial sovereignty.
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