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From a legislative perspective, the world of cryptocurrencies is still in flux. And as the turmoil from the demise of FTX subsides, MEPs (Members of the European Parliament) want to know exactly how to deal with this financial and tech wild west.
There are elements of political drama in the mix. On December 9, Eva Kairi, the so-called “cryptocurrency queen” of the EU parliament, was arrested on corruption charges that rocked 27 member states. A police raid seized phones, computers and cash worth €600,000 from Kairi and her three others, who were subsequently charged with corruption. Prosecutors suspect Kairi received illegal funds for lobbying on behalf of her recent soccer World Cup host, Qatar.
Hundreds of thousands of euros were found in a Brussels hotel suitcase and 150,000 euros in Kairi’s apartment. Police searched his 19 homes and Kairi’s father was also arrested. Her family’s assets in Greece were then frozen.
Kairi dismissed the corruption allegations, saying she was innocent and had “nothing to do with bribery from Qatar.”
Her arrest has captivated politicians and EU watchers, but it also presents another unsavory connection with the crypto industry.Following the demise of Terraform Labs and FTX, the average viewer You’re forgiven for thinking the industry is full of scammers, and Eva Kairi’s arrest only makes that ugly situation worse.
It doesn’t help that she’s been one of the industry’s most trusted advocates.
2023 will be a pivotal year for EU crypto
Kairi was also one of the few crypto supporters on the political left. She is also a senior member of Congress, having served as one of 14 vice presidents since January 2022 until she was arrested and indicted for corruption in December 2022. Former TV host Kairi was also considered one of the most attractive lawmakers on the continent. The tabloids have called her one of the sexiest politicians on the block.
“She was a cheerleader, but already quite isolated on the left side of the political spectrum,” Dutch socialist Paul Tan told POLITICO. The next cheerleader must be squeaky clean.”
The next year will also be significant for crypto businesses, lobbyists and advocates. The Markets in Crypto Assets (MICA) Regulation harmonizes rules for crypto assets across blocks and sets common standards. During MICA’s 12- to 18-month adaptation period, the regulation will be fully implemented by the end of 2024 at the earliest. But French financial regulators are already demanding stricter rules.
On Jan. 9, Marie-Anne Barbat Layani, chairman of the country’s Financial Markets Authority (AMF), wants to require licenses for registered crypto companies. “Like Congress, the AMF is calling for an accelerated transition to a regime of mandatory licensing for unregistered providers of cryptographic services,” Barbat-Layani said. event.
France is unlikely to be the last country within the bloc to demand similar regulation.
Other MEPs have a lot to say about crypto
One of the most vocal MEPs in the crypto space is Paul Tann, a centre-left Dutch parliamentarian. He is a strong advocate for greater scrutiny of unhosted (or unmanaged) wallets. Verification was necessary to avoid falling into the hands of
Tang also points to systematic “smurfing” as a risk. Smurfing is the practice of splitting large amounts of money into multiple smaller transactions to avoid regulatory scrutiny.
on twitter thread Last March he said:
“These are important tools for combating money laundering and terrorist financing. Banks are already fighting criminal funds, Crypto-bro’s set up on the plate and need to do so.”
However, last July, Tang and his colleagues were unable to obtain an unhosted wallet included in a money laundering check. He told CoinDesk at the time, “We cannot leave the backdoor open to large-scale anonymous crypto flows and focus solely on regulated sectors.” Throughout 2022, Tang was the target of often bitter abuse from members of the cryptocurrency community as he campaigned.
Balancing consumer protection and innovation, MEPs say
One MEP who arguably has a more balanced perspective is Lidia Perriera, MEP of Portugal, also from the centre-right. The 31-year-old Pereira has previously emphasized the young cryptocurrency user base as a reason to take the crypto industry seriously. Her view is that the EU should balance consumer protection and maximizing opportunities. That’s what it means. In her video series Tech A Look, she says: On the other hand, we have great potential to leverage our innovations in the European market. “
We can’t be on ‘one side of the barricade,'” she said.
Dr. Stefan Berger is another candidate to become a leading voice on cryptocurrencies in parliament. Like Pereira, his views are moderate and pro-crypto. His MEP in Germany generally emphasizes a balance between clear and fair regulation and fostering innovation. He has previously blogged about his CBDC need for the Euro and the EU being a crypto-friendly environment.
“The digital euro does not replace cash, it complements it,” he said. “Europe needs to set standards, not follow those of other countries, and the digital euro will be a testament to progress and integration in Europe. I am asked to do so.”
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