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Irish MEP wants tougher crypto regulations in Europe
Crypto News

Irish MEP wants tougher crypto regulations in Europe

Saudu Clement
Saudu Clement

Chris MacManus, a Member of the European Parliament (MEP) has called for stricter crypto and stablecoin regulations in Europe.

MacManus, who is representing Midland Northwest, has submitted 45 amendments to the EU with hopes that the region will toughen its crypto stance. The Irish MEP wrote in his proposed crypto regulations that:

Under my proposals, all new and existing crypto-assets will require authorization by a ‘competent authority’ like the Central Bank. Currently, currency founders simply have to deposit a white paper that outlines the cryptos’ purpose and technology, with no scrutiny whatsoever. These white papers, under my amendments, would also require a lot more detail and transparency.

MacManus has also set his sight on crypto mining. According to him, state authorities need to examine the potential impact of crypto mining activities on the environment before giving the go-ahead to such projects.

Meanwhile, his recommendations extend to the regulation of stablecoin issuers and virtual service providers (VASPs). On stablecoins, he opines that issuers need to hold enough capital to back the value of their tokens in circulation. This means that stablecoins will need to be pegged to a fiat currency backing, which is already the case for most stablecoins.

MacManus’s proposal does not in any way appear to want to cripple the budding crypto sector. As for VASPs like exchanges and wallets, he wants the EU’s crypto laws to demand better customer protection policies.