FTX collapse boosts case for EU crypto regulation
Tuesday, February 28, 2023
Significance
The EU’s Markets in Crypto-Assets (MiCA), the first comprehensive set of regulations, aims to reduce the risk of an FTX-type collapse. The final vote is due during the plenary session of the European Parliament on April 17-20.
Impacts
- MiCA will be only the first step in the EU’s attempt to regulate crypto-assets and will require updates as new innovations emerge.
- The EU's crypto regulations will be tracked closely elsewhere, particularly in other G20 countries.
- The Ukraine war will harden Russia’s willingness to crack down on its large, illicit crypto ecosystem.
- The lack of a comprehensive US crypto regulatory framework will impede transatlantic supervisory coordination.
Related articles
