McCaul of the ECB said that big crypto firms need extra rules and global cooperation.
The European Central Bank (ECB) official said that companies like Binance should be forced to disclose their legal status and lines of responsibility, with extra rules in addition to the European Union’s upcoming MiCA crypto regulation.
European Central Bank (ECB) Requires Additional Responsibility for Major Crypto Firms
European Central Bank (ECB) supervisory board member Elizabeth McCaul said in a blog post that major global crypto companies like FTX and Binance should be subject to stricter rules with more international regulatory cooperation.
McCaul, a member of the ECB arm responsible for overseeing banks, said that recent attempts to regulate crypto, such as the European Union’s Crypto Asset Markets regulation or MiCA, will not fully address the complex international structures or “ecosystem” problem.
McCaul said in his blog post:
“How can we audit companies that do not have physical boundaries? We need to think further to imagine what international coordination will look like and how it can be effective in regulating the crypto world.”
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