ECB Governing Council: EU needs to quickly adopt Cryptocurrency Market Regulation

On October 7, European Central Bank board member Villeroy urged the European Union to quickly adopt the "Cryptocurrency Market Regulation" (MICA).

Regulation should also be strengthened, as decentralized finance is making significant progress. "Innovation is certainly positive, but if not regulated, it could reduce financial stability, while also raising concerns about market concentration and customer protection. Regulators should consider a combined activity and entity approach for big tech companies' operations in the financial services industry. It may be possible to organize specific legal entities within big tech companies that would be subject to financial regulation."