The crypto rules in the Markets in Crypto-Assets (MiCA) bill will not be sufficient on their own, says the ECB board member. cryptocurrency cryptoassets
A European Central Bank Supervisory Board member has warned that the crypto rules in the EU’s Markets in Crypto-Assets bill “will not be sufficient on their own.” While emphasizing that “MiCA will set out important safeguards to prevent incidents similar to the FTX case from occurring,” she cautioned: “Certain areas still need further strengthening.
While the new Basel standard and MiCA are important milestones, I am afraid they will not be sufficient on their own. While noting that “MiCA will set out important safeguards to prevent incidents similar to the FTX case from occurring, like strong governance principles like the segregation of customer funds and requirements for external audits,” she warned:McCaul raised concerns about how the size of crypto-asset service providers is measured.
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