(Bloomberg) -- The European Union is looking to exchange views on the development of crypto legislation with US officials during next week’s International Monetary Fund-World Bank annual meetings, as calls grow for a more coordinated global regulatory framework.
“We have a crowded agenda for the US next week, and one of the items that won’t be bottom of the list, it will be in there right around the top is crypto,” EU Commissioner for financial services Mairead McGuinness said Tuesday at a media roundtable hosted by Bloomberg News in Brussels. “I am sure they want to hear what we’ve done, how it went, what the problems were. I would be very happy to share our experience but also to hear what the US is planning to do.”
The EU is moving ahead with key legislation to regulate the crypto sector with common rules across all 27 member states, marking the first time globally that lawmakers have attempted to supervise the industry on such a scale.
In June, the bloc reached an agreement on its landmark Markets in Cryptoassets (MiCA) directive as the European Parliament, Council and Commission approved new provisions on the supervision of cryptoasset service providers (CASPs), as well as consumer protection and environmental safeguards for crypto assets such as Bitcoin and Ether.
However, given the global nature of cryptocurrency flows, central bankers have been urging governments around the world to better synchronize regulations. The fallout from the collapse of the TerraUSD stablecoin in May upended markets from Singapore to the US, underscoring the need for more concerted efforts.
“The message I will be bringing to Washington is that here in the EU we have a piece of legislation, we are a frontrunner in this,” McGuinness said. But “a little bit like climate change, addressing crypto alone in the EU is not enough, we need to have global engagement and sharing of experience.”
©2022 Bloomberg L.P.
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