BAKU, Azerbaijan, August 9. Global banks support the initiative to regulate cryptocurrencies and crypto assets, the Director of Governmental Relations in the CIS for Binance, Olga Goncharova, told Trend.
"The Financial Stability Board has created a consultation document on crypto asset regulation." There must be worldwide standards; otherwise, the conditions for regulatory arbitration to develop are met. Cryptocurrency is a money with no boundaries. As a result, if one jurisdiction does not regulate it, it falls under another. The European standard for governing Crypto-Asset Markets (MiCA) was just accepted.
This standard, which claims to be a worldwide standard, is applicable for all 27 EU member countries. Many banks, for example, in the CIS nations and Turkey, are closely monitoring and adapting their legislation to MiCA," she explained.
Goncharova further emphasized that the crypt is a volatile currency that people must understand.
"Fortunately, the world's central banks support the cryptocurrency regulation initiative." This will improve trust in it, raise public understanding, and protect individuals who use crypto assets," she stated.
After the Markets in Crypto-Assets Regulation is into force, crypto firms must be registered in one of the EU member countries in order to operate across the entire European Union. MiCA will make it lawful for cryptocurrency exchanges and companies that provide bitcoin storage services to operate in the EU. The document also specifies the procedures for stablecoin issuers to follow.