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Investing.com – Christine Lagarde, President of the European Central Bank, has urged the EU to tighten regulations on cryptocurrencies. According to her, this measure could prevent Russia from escaping the announced monetary sanctions.
Cryptos would be a way to circumvent embargoes
According to the ECB, a crypto regulatory policy is “crucially important” and the European Parliament should act as soon as possible. “There are always criminal ways to circumvent a ban, which is why it is of paramount importance that the MiCA is passed as quickly as possible, so that we have a regulatory framework.”
The European Union has already been working for several months on the MiCA (Markets in Crypto Assets) legislation. The latter will target all digital currencies not covered by existing regulations and will focus on three categories: tokens referenced as assets, electronic money tokens and other crypto-assets.
Other EU members, such as Italy, Germany and Spain, have also called for surveillance of the sector. They fear that criminals will use this asset class for money laundering.
The Banque de France warns
François Villeroy de Galhau, director of the French central bank, is a supporter of stricter laws in the digital asset sector.
Last summer, he opined that Europe’s monetary sovereignty and the euro’s international role would be put at risk if the situation in the crypto space remained as it was: “Whether digital currencies or payments, we in Europe must be ready to act as quickly as necessary or risk an erosion of our monetary sovereignty.”
The AMF encourages regulation
Before that, the president of the Autorité des marchés financiers, Robert Ophèle, claimed that putting digital assets in a regulatory framework could stimulate the growth and development of innovative projects.
However, he warned that enforcing measures that are too strict could drive crypto-focused businesses out of the region. “I am in fact in favor of the other legislative proposal covering crypto-assets qualified as financial instruments: the proposal for a pilot regime, which could derogate from certain provisions of the existing regulations”, he suggested.
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