The EU's planned MiCA rules may not be enough to check major crypto companies like Binance, the ecb's Elizabeth McCaul has said. jackschickler reports
McCaul, a member of the ECB arm responsible for overseeing banks, said recent attempts to regulate such as the European Union’s Markets in Crypto Assets regulation wouldn’t fully address the problem of complex international structures, or “ecosystem” companies that claim to have no headquarters.
McCaul cited precedents from banking, where consolidated groups are governed by “colleges” of international supervisors, and securities – where regulators defer to foreign jurisdictions that are deemed equivalent – but said that crypto companies would need to become more legally accountable.
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