{"id":437197,"date":"2022-04-25T19:15:00","date_gmt":"2022-04-25T16:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ecb-needs-globally-coordinated-regulatory-action-on-crypto-says-official\/"},"modified":"2022-04-25T19:15:00","modified_gmt":"2022-04-25T16:15:00","slug":"ecb-needs-globally-coordinated-regulatory-action-on-crypto-says-official","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ecb-needs-globally-coordinated-regulatory-action-on-crypto-says-official\/","title":{"rendered":"# ECB needs &#8216;globally coordinated regulatory action&#8217; on crypto, says official"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26d7ece51e3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26d7ece51e3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ecb-needs-globally-coordinated-regulatory-action-on-crypto-says-official\/#%E2%80%9D_ECB_needs_%E2%80%98globally_coordinated_regulatory_action_on_crypto_says_official_%E2%80%9C\" >&#8221; ECB needs &#8216;globally coordinated regulatory action&#8217; on crypto, says official &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_ECB_needs_%E2%80%98globally_coordinated_regulatory_action_on_crypto_says_official_%E2%80%9C\"><\/span>&#8221; ECB needs &#8216;globally coordinated regulatory action&#8217; on crypto, says official &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvYTRlZTVlMjQtNjMwOS00MWM0LTg5ODQtNWZlOTNmMjIwOTg5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>European Central Bank executive board member Fabio Panetta said lawmakers across the world must decide how to regulate cryptocurrencies based on potential risks.<\/p>\n<p>In a written statement for a speech to Columbia University on Monday, Panetta <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2022\/html\/ecb.sp220425~6436006db0.en.html\">said<\/a> global policymakers had made some progress in addressing regulatory frameworks on digital assets, but \u201cnot swiftly enough to keep pace with the emerging challenges.\u201d According to the ECB official, the world needs crypto regulated based on anti-money laundering and countering the financing of terrorism rules of the Financial Action Task Force, strengthening public disclosure and reporting on regulatory compliance from the industry, and setting up \u201cstrict transparency requirements\u201d and \u201cstandards of conduct.\u201d<\/p>\n<p>One of Panetta\u2019s chief concerns seemed to be how the central bank and lawmakers address the taxation of cryptoassets, describing current requirements as \u201cminimal\u201d and \u201cvery difficult to identify tax-relevant activities.\u201d The ECB official proposed taxing cryptoassets based on Proof-of-Work at a higher rate than other financial instruments based on \u201cnegative externalities that lead to sunk costs for society, such as high pollution.\u201d<\/p>\n<p>\u201cWe should bring taxation on crypto-assets into line with the taxation of other instruments and aim for alignment across jurisdictions, given the global nature of the crypto market,\u201d said Panetta. \u201cThe introduction of reporting obligations for transactions above certain thresholds, as just recently proposed by the Organisation for Economic Co-operation and Development (OECD), would enhance transparency and combat tax evasion.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"> Globally coordinated efforts are needed to bring crypto-assets into a regulatory framework, says Executive Board member Fabio Panetta at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Columbia?ref_src=twsrc%5Etfw\">@Columbia<\/a>. We must not repeat past mistakes by waiting for the bubble to burst before acting <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/dGo0HV0KmL\">https:\/\/t.co\/dGo0HV0KmL<\/a><\/p>\n<p>1\/5 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2MpmkmtoG4\">pic.twitter.com\/2MpmkmtoG4<\/a><\/p>\n<p>\u2014 European Central Bank (@ecb) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ecb\/status\/1518591205365460992?ref_src=twsrc%5Etfw\">April 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nAccording to Panetta, Europe is \u201cleading the way\u201d in bringing cryptocurrencies into its regulatory purview, while the United States is working to supervise crypto service providers over perceived risks. He pointed to the Regulation of Markets in Crypto-Assets, or MiCA, as a step toward creating a \u201charmonised European <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach\u201d to crypto as well as the global authority Financial Stability Board cooperating with other financial regulators.<\/p>\n<blockquote><p>\u201cWe need to make coordinated efforts at the global level to bring crypto-assets into the regulatory purview. And we need to ensure that they are subject to standards in line with those applied to the financial system [&#8230;] We should make faster progress if we want to ensure that crypto-assets do not trigger a lawless frenzy of risk-taking.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>ECB executive board member talks about current state of digital euro CBDC research<\/em><\/strong><\/p>\n<p>The ECB has been working on the development of a central bank digital currency, with legislation on a digital euro expected in 2023. ECB president Christine Lagarde has previously hinted the central bank could roll out the digital currency by 2025.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ecb-needs-globally-coordinated-regulatory-action-on-crypto-says-official\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; ECB needs &#8216;globally coordinated regulatory action&#8217; on crypto, says official &#8220; European Central Bank executive board member Fabio Panetta said lawmakers across the world must decide how to regulate cryptocurrencies based on potential risks. In a written statement for a speech to Columbia University on Monday, Panetta said global policymakers had made some progress&#8230;<\/p>\n","protected":false},"author":1,"featured_media":437198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvYTRlZTVlMjQtNjMwOS00MWM0LTg5ODQtNWZlOTNmMjIwOTg5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75603,55229,70934,46483],"class_list":["post-437197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-ecb","tag-law","tag-regulation","tag-taxes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/437197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=437197"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/437197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/437198"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=437197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=437197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=437197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}