While the bear trend continues in the crypto industry, regulatory repercussions continue due to the impact of the process. In particular, the bankruptcy of the cryptocurrency exchange FTX has mobilized many countries. The need for regulation and oversight arose in the crypto industry. Although crypto adoption is on the rise, bad scenarios cannot be avoided. For this reason, countries are working on crypto regulations. On the other hand, EU’s Mairead McGuinness demanded that crypto laws be voted quickly in parliament.
The European Union (EU) has experienced delays in its crypto laws, which it calls MiCa. In particular, it was noteworthy that millions of investors lost money with the collapse of FTX. The impact of this situation led authorities to want to speed up regulations.
Mairead McGuinness, EU member responsible for financial services, wrote a letter to EU President Irene Tinagli. “Recent events have once again highlighted the importance of having adequate regulation in crypto markets to protect clients’ assets and the broader economy,” McGuinness wrote in this letter.
McGuinness requested, with a quick vote, that the MiCa law be published. EU official wants crypto laws to go into effect next spring.