• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

ESMA Chair says crypto needs urgent regulation to protect investors

May 27, 2022
in Regulations
Reading Time: 2 mins read
A A
0
ESMA Chair says crypto needs urgent regulation to protect investors
0
SHARES
5
VIEWS
ShareShareShareShareShare
👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Verena Ross, the Chair of the European Securities and Markets Authority (ESMA), has called for the urgent regulation of the crypto space.

In an interview on May 25, Ross said she is eagerly waiting for lawmakers to pass the EU’s blueprint for crypto regulation into law. According to her, the rising inflation will force retail investors to inject funds into risky cryptos while trying to find investments to compensate for inflation and bring greater returns; this might lead to greater risk-taking.

Currently, national regulators within the EU handle the crypto industry based on local laws. As a result, each country has a different approach to regulating the nascent asset class.

Emphasizing the need for a common regulatory framework in the EU, Ross focused on crypto exchanges, saying,

“There is no EU regulatory framework for these kinds of entities at the moment and so there is currently an imbalance in how national supervisors deal with these entities and how they judge them. That’s where a common regulatory framework will help.”

MiCA draft is still under consideration despite repeated calls for regulation

The EU is pinning its hopes of standardizing crypto regulation on the Markets in Crypto-Assets Regulation (MiCA), a draft framework proposed in September 2020. MiCA’s road to implementation has been long. The draft is currently under examination by the European Parliament and Council.

Despite this progress, Ross said she hopes the European Parliament and Council finalize the review process in the next few months and pass MiCA into law in either 2023 or 2024.

Apart from Ross, the President of the European Central Bank, Christine Lagarde, also called for crypto regulation. Earlier this week, she said crypto is worth nothing. Francois Villeroy de Galhau, Governing Council member, further bashed the crypto space, expressing its promises and rewards are an illusion.

Additionally, the ECB voiced concerns about the full-scale connection between the crypto industry and the traditional finance sector. In a Financial Stability Review, the regulator highlighted how crypto investors withstood a €1.3 trillion ($1.39 trillion) market loss without facing financial stability risks.

ECB added that the crypto market is gravitating to a point where unbacked crypto assets will risk financial stability.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

ShareTweetSendPinShare
Previous Post

Elon Musk dares Alexandria Ocasio-Cortez to poll her Twitter followers on whether they’re more wary of politicians or billionaires

Next Post

8 Strategies to Maintain Productivity

Related Posts

Singapore’s changed stance on crypto
Regulations

Singapore’s changed stance on crypto

June 25, 2022
7
Cardano founder steals the show at Congressional hearing on crypto regulation
Regulations

Cardano founder steals the show at Congressional hearing on crypto regulation

June 24, 2022
6
Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
Regulations

Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

June 24, 2022
5
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Regulations

Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

June 24, 2022
5
Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF
Regulations

Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF

June 24, 2022
6
Next Post
8 Strategies to Maintain Productivity

8 Strategies to Maintain Productivity

Recommended

Stocks slide as inflation, rate hike jitters mount

Stocks slide as inflation, rate hike jitters mount

June 14, 2022
6
FINRA CEO welcomes crypto employees who were laid off as agency increases focus on digital assets

FINRA CEO welcomes crypto employees who were laid off as agency increases focus on digital assets

June 16, 2022
4
US Retail Inventory Levels Suggest Lower Freight Rates

US Retail Inventory Levels Suggest Lower Freight Rates

June 14, 2022
4
Saylor goes full maxi, slamming everything that isn’t Bitcoin

Saylor goes full maxi, slamming everything that isn’t Bitcoin

June 23, 2022
6
India will consider 28% additional tax on crypto sales next week

India will consider 28% additional tax on crypto sales next week

June 23, 2022
5
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • These Are the Two Challenges for XRP Following 30% Recovery in 9 Days (Ripple Price Analysis)
  • Stocks pace towards worst start since 1970
  • U.S. families face ‘exponential increase’ in child care costs: Care.com CEO

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?