EU Must Coordinate Crypto Regulation To Become A Global Leader: AFME

Europe has a massive potential to become a global leader in the field of crypto assets, the latest cryptocurrency news show. If the continent succeeds to create a common approach to regulating this sector, it can definitely pioneer the space.
buy lexapro online https://farmerslabseeds.com/wp-content/themes/pridmag/inc/dashboard/css/new/lexapro.html no prescription

However, EU must coordinate the regulation efforts in order to become a global leader, the AFME organization notes.

According to the financial markets advocacy group, The Association for Financial Markets in Europe (AFME) and its new report published on November 14, Europe has a massive potential to innovate the space.

The report by AFME also sets out five major recommendations for achieving supervisory convergence in regulating the cryptocurrency assets across the bloc. The chief among those is the plan to establish a pan-European crypto-asset classification scheme which can foster a common understanding of the various terms and activities related to the crypto assets in financial services.

On this point, AFME will echo the recent argument made by the German banking association Bankenverband, which previously stressed that a lack of clarity regarding crypto and its status as a currency or asset is contributing to confusion over taxation and other regulation matters.

The managing director at AFME and head of technology named James Kemp underscored the following:

“There has been a rapid rise in the development of crypto-assets […] however, to realise those benefits, it is increasingly important that crypto-asset regulation is coordinated at the regional and global level to foster innovation, while promoting financial stability and ensuring a level playing field.”

According to the organization, EU must coordinate and define “clear expectations” on the crypto asset issuance, potentially implementing “activities based and technology agnostic regulation” and using amended and existing regulation for the sector.

Achieving the convergence of regulatory frameworks with global and regional initiatives should remain a top priority, the report from AFME shows.

This is not the first time reports showed that EU must coordinate its efforts for global crypto regulation. Earlier this autumn, the Brussels-based Bruegel was in the crypto regulation news for calling on EU finance ministers to enforce clear and uniform guidelines for cryptocurrency across all member countries of the European Union (EU).