The cryptocurrency market continues to be the subject of regulatory conversations. In this article, we will share the latest developments and the regulations of the G20 and the European Union (EU) regarding cryptocurrencies such as Bitcoin (BTC), Shiba Inu (SHIB), Ethereum (ETH). Here are the details…
European Union calls on US for cryptocurrency regulations
The global cryptocurrency industry is trading under volatility. The European Union (EU) financial services chief has called for clearer crypto-related laws. It also urged US policymakers to come to a conclusion on it. According to a report, EU financial services chief Mairead McGuinness has issued a warning about cryptocurrencies considered to threaten financial stability. She stated that any crypto regulation applied to the market should be placed in a global order. McGuinness emphasized that they should also see other countries that are keen to create laws around the crypto market.
However, there are a few officials trying to keep up with the crypto regulations implemented by the EU. The report shows that the Irish official met with US politicians on Capitol Hill. He gave a short talk on how to regulate the crypto industry. The Commissioner noted that US policymakers are in line with the EU. However, European policymakers seem to be more concerned about crypto regulations and the market. As we have reported as Kriptokoin.com, the European Union is known worldwide for its tough stance against cryptocurrencies. New crypto regulations by EU policymakers passed their final phase earlier this month.
G20 meeting SHIB dangerous for BTC?
On the other hand, the G20 cryptocurrency regulatory meeting is fast approaching. Crypto regulations are not compatible with the nature of crypto assets. But it is becoming more difficult for cryptocurrencies to remain unregulated due to fraud and hacking issues. Besides the EU, several countries and international organizations have started to work towards strict regulations for the 2022 G20 summit. The largest crypto projects are expected to be most affected by the regulation. G20 countries are developing a set of strict G20 crypto regulations.
Time will tell if the restrictions really support the expansion of the crypto industry. Cryptocurrency investors aren’t too excited about regulation right now as it could slow adoption. According to some, cryptocurrencies and the G20 Summit arrangement in 2022 could have the biggest impact on the market industry.
The report on the Crypto Asset Reporting Framework and Changes to the Common Reporting Standard will be reviewed by G20 country representatives. The report includes comments and guidelines for the Crypto Asset Reporting Framework (CARF). According to some, Bitcoin is at the top of the top 10 cryptocurrencies that can be affected by the G20 summit regulations. BTC is followed by Ethereum, Shiba Inu, Dogecoin, Terra Classic, Solana, Ripple, Apecoin, Stellar and Decentraland.
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