Europe has been dealing with a mixed notion with regard to the crypto market. While some have been urging the European Union to bring about stringent rules for crypto, a few others are already embracing digital assets. A Member of the European Parliament [MEP] who has been representing Ireland has been reportedly yearning for stern crypto regulations in the European region.
The crypto industry has been growing without a stop. The impeccable price change of cryptocurrencies has put the entire industry on a pedestal. However, the fact that the crypto market isn’t entirely regulated keeps surfacing. Several governments across the globe seem to be taking a keen interest in the industry particularly after the demand for these digital assets soared. Chris MacManus, the MEP has been laying out proposals before the EU as he continues to long for strict laws that govern crypto.
European Union garners 45 amendments from Irish MEP
As per a recent report, MacManus hopes to bring amendments that would uphold the protection of the consumers while maintaining financial stability. Once again, the volatility of the crypto industry has surfaced as a problem. The recent volatile nature of the crypto industry has alarmed the MEP as he pointed out the same.
However, MacManus pulled in stablecoins too and suggested that they had the potentials of turning into a major threat to financial stability.
Furthermore, the MEP revealed that he had submitted a total of 45 amendments to the EU with regard to the regulation of the crypto-verse. He added,
“Under my proposals, all new and existing crypto-assets will require authorization by a ‘competent authority’ like the Central Bank. Currently, currency founders simply have to deposit a white paper that outlines the cryptos’ purpose and technology, with no scrutiny whatsoever. These white papers, under my amendments, would also require a lot more detail and transparency.”
Following China’s trail, the Irish MEP noted that mining crypto could have a negative impact on the environment. Therefore he urged the EU to evaluate the same.
The Irish MEP hopes to deliver transparency as well as security of the crypto-verse. Additionally, he also suggested that he wanted to wage a war against the use of crypto assets for illicit activities.