Rinaldi: if we want to regulate cryptocurrencies and cryptoassets, we need to have a real world conference on the subject

The European Parliament is discussing the regulations that will regulate the world of cryptocurrencies and cryptoassets, the so-called “MICA. however, this regulation only makes sense if it is part of a worldwide discussion relating to these financial and monetary values. A single country or economic area that takes the wrong initiative risks only relocating activities to other areas.

Here is the intervention in the Commission by Antonio Maria Rinaldi

Thank you President, Dear Colleagues,

finally we begin to examine the draft regulation of the Commission relating to the crypto assets market even if for the umpteenth time the saying has been respected that the markets always anticipate the legislator … in any case, always better late than never.

In any case, I would like to reiterate that the Commission proposal has several points that can be shared, as indeed most of the amendments tabled by my colleague Berger, rapporteur for the file, can be shared.

In the next period we will certainly have the opportunity to deepen and implement the text, always bearing in mind that legislating on this particular sector exposes us to a continuous run-up, given its rapid technical evolutions.

In this regard, I would like to draw your attention in making an opportunity consideration.

We live in a highly globalized era and therefore it would be desirable to involve all the central banks and supervisory bodies concerned in a world conference, in order to reach common guidelines.

Failing that, we risk approving a regulation that is already outdated before it enters into force.

What sense would it make to regulate crypto assets if other countries, such as the United States, the United Kingdom, China or Japan, legislate differently from ours?

The real risk is that of migrating these activities towards those systems that are perhaps more permissive and productive for broadcasters and suppliers.

I therefore renew my invitation to promote a world conference to have a shared and common regulation.

Otherwise, I fear we will not achieve the objectives we set ourselves with this regulation.

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The Rinaldi article : if we want to regulate cryptocurrencies and cryptoassets we have to make a real world conference on the subject comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/rinaldi-se-vogliamo-regolare-criptovalute-e-criptoasset-dobbiamo-fare-una-vera-conferenza-mondiale-su-tema/ on Wed, 14 Apr 2021 14:27:04 +0000.