EU Now Needs Regulation For Crypto, Says EU Home Affairs Commissioner
EU Will Open To Crypto?
The European Union’s Commissioner for Home Affairs stated that, in the presence of fraud-prevention regulations, the EU is open to digital assets.
On February 19, Ylva Johansson, the Commissioner for Home Affairs, spoke at the Munich Security Conference, which was also attended by FTX CEO Sam Bankman-Fried and Christian Angermayer, cofounder of the Crypto Asset Group. The conference, which takes place every year in Munich, Germany, focuses on international security policy. Two major topics discussed during the conference were Western plans to counter Russian troops massing on the Ukraine border and the fight against climate change. The topic of cryptocurrency was also brought up.
Ylva Johansson said, “Why do criminals use crypto-currency? Well, traditionally, because cash is the best form from their perspective to use. But to give you an example, 1 million euro and that’s not much when it comes to the organized criminal groups. 1 million euro in 50 euro notes will be still physically only transportable in a case of roughly 22 kilos.”
“If you use cryptocurrency then you can move it in a second. That is why they would like to use it and I think that is why we need regulation. I think we can come to that later from my perspective, but it has been a real challenge for law enforcement to be able to try to trace the transactions,” she added.
Central, Northern, and Western Europe have surpassed Eastern Asia as the world’s largest crypto economy, valued at $1 trillion and accounting for 25% of all crypto transactions in 2021, but data suggest limited adoption by the average European.
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