EU Commissioner McGuiness says privacy and anti-money laundering may be different from US under MiCA
The commissioner said that Europe is monitoring developments in US securities regulation very closely, but that Europe did not follow the American example in its attitude towards energy consumption.< /p>
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Fintech needs to communicate better, says a senior European Commission (EC) finance official. People are asking what the need for fintech is, and industry has answers, but 'we need to talk about it outside of ourselves,' says Financial Stability, Financial Services and Union Commissioner Capital Markets, Mairead McGuinness, October 13.
Appearing at DC Fintech Week, McGuinness shared his observations on emerging fintech from a European perspective and compared the situations in Europe and the United States.
Mairead McGuinness, European Commissioner is live with us at #DCFintechWeek @GtownLawIIEL https://t.co/wNp0QsRDJW pic.twitter.com/ Kaq0ZXDpio
— The IFM (@The_IFM) October 12, 2022The EC monitors securities regulation in the United States very closely, McGuinness said. She perceived a lack of enthusiasm for the regulatory process from crypto developers, but said "those who want a future" understand the need for it. She had no doubt that fintech would prevail. She said:
"Traditional banks will change their name over time."
While Europe has decided not to ban proof-of-work consensus in crypto mining, the continent remains more concerned about energy than the United States, McGuiness said. Energy ranks alongside anti-money laundering (AML) and consumer protection among European concerns, she added.
Related: EU Commissioner Calls for Global Coordination on Crypto Regulation
The commissioner said that Europe is monitoring developments in US securities regulation very closely, but that Europe did not follow the American example in its attitude towards energy consumption.< /p>
New
Fintech needs to communicate better, says a senior European Commission (EC) finance official. People are asking what the need for fintech is, and industry has answers, but 'we need to talk about it outside of ourselves,' says Financial Stability, Financial Services and Union Commissioner Capital Markets, Mairead McGuinness, October 13.
Appearing at DC Fintech Week, McGuinness shared his observations on emerging fintech from a European perspective and compared the situations in Europe and the United States.
Mairead McGuinness, European Commissioner is live with us at #DCFintechWeek @GtownLawIIEL https://t.co/wNp0QsRDJW pic.twitter.com/ Kaq0ZXDpio
— The IFM (@The_IFM) October 12, 2022The EC monitors securities regulation in the United States very closely, McGuinness said. She perceived a lack of enthusiasm for the regulatory process from crypto developers, but said "those who want a future" understand the need for it. She had no doubt that fintech would prevail. She said:
"Traditional banks will change their name over time."
While Europe has decided not to ban proof-of-work consensus in crypto mining, the continent remains more concerned about energy than the United States, McGuiness said. Energy ranks alongside anti-money laundering (AML) and consumer protection among European concerns, she added.
Related: EU Commissioner Calls for Global Coordination on Crypto Regulation
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