The European Central Bank (ECB), after the enforcement of the Mica regulation recently, made requests to change the regulation. The Bank said that the US -based legal regulations act with the concern that the block economy, which contains 27 countries, may have unwanted economic effects.
US regulations and effects
The ECB stated that the drafts such as “Transparency and Accountable for a Better Ledger Economy and the Law on Management and Establishment of National Innovation for the US Stablecoins may lead to an increase in the impact of dollar -supported fixed digital assets within the scope of the regulations discussed at the US Congress. In this context, the US regulations are expected to significantly expand the Stablecoin market within three years.
The dollar dominance in the Stablecoin market is not good for the European Union.
Discussions in the EU
The request of the ECB to change the regulation led to the emergence of disagreements between the European Commission and the European Commission. The Commission stressed that the impact of the US environment on EU financial stability has not yet been fully evaluated. At the relevant meeting, the EU member state officials and diplomats have considered that it may not be appropriate to make hasty changes in the regulation.
“Currently, there are not many countries that support the idea of going to a hurry rule changes.”
The documents distributed at the meeting included opinions that the scope of Mica regulation should be re -evaluated. The Commission said that the number of fixed crypto assets authorized on a global scale is low and that the current legal framework may manage risks.
The European Commission official: “Risks arising from global stablecoin assets are exaggerated and can be managed by the current legal regulation.”
On the other hand, the possible economic impacts between the legal regulations in the USA have caused concerns that it could create uncertainties for the future of the European economy. This environment can lead to reshaping the balances in international financial markets.
The requests for changes in the Mica regulation of the ECB are carefully monitored by many EU members. It is thought that relevant developments may affect international financial policies and new adjustments will be made over time.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
