Skip to content
Magazine
Saturday, August 2, 2025
SUBSCRIBE
  • About Us
  • Belgium News
    • Belgium Police News
    • Brussels News
  • EU Institutions News
    • European Commission News
    • European Parliament News
    • European Council News
  • Europe News
  • World News
  • Belgium Business News
  • Culture and Society News
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Sustainable Perspective
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
  • About Us
  • Belgium News
    • Belgium Police News
    • Brussels News
  • EU Institutions News
    • European Commission News
    • European Parliament News
    • European Council News
  • Europe News
  • World News
  • Belgium Business News
  • Culture and Society News
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Sustainable Perspective
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
SUBSCRIBE

The EU must provide regulation and innovation to the crypto asset industry

Stefan Berger MEP by Stefan Berger MEP
17 February 2021
in Opinion

The Cryptocurrency market is too big to ignore, Europe must set the standards for crypto assets to flourish, writes Stefan Heinrich Berger.

Brussels (Brussels Morning) It was an announcement by Elon Musk — that Tesla had used 1.5 billion dollars of its spare cash to acquire Bitcoins — that made crypto assets a talking point among the masses. 

Bitcoin’s market capitalisation currently sits at more than 900 billion dollars and today one Bitcoin equals approximately 40 euros. The Bitcoin investment enthusiasm expresses that digital assets are becoming an increasingly important part of the financial system. The crypto currency market is a maturing industry that has gained legitimacy and attracted millions of new customers.

Crypto has grown out of its niche 

Crypto assets are a driver of innovation in the financial world. At the same time, their increasing acceptance reveals the growing skepticism of consumers towards the established financial system and the longing for alternative financial options to the classical system. 

Bitcoin is probably the most famous representative of the crypto asset industry. While investor Warren Buffett once famously called it “rat poison“, nowadays Bitcoin seems more like a magic potion that turns anyone who comes into contact with it into an innovator and technological avant-garde. 

Its price has been on a roller coaster ride over the last few years classifying it as an asset rather than a currency. 

In contrast to Bitcoins, so called “stablecoins” rely on a set of stabilisation tools, which minimise fluctuations. Particularly in the wake of the announced introduction of Facebook’s digital currency “Diem” (formerly Libra), stablecoins have become a subject of political debates. 

Positioning Europe at the forefront of crypto innovation

The worldwide crypto market has become too big for countries and central banks to ignore. At the beginning of 2020, over 5,100 crypto assets existed with a total market capitalisation exceeding 250 billion dollars. In February, it reached 1,413 trillion dollars. 

Bitcoin dominates the crypto market with a 61% share and it is currently being celebrated across the world. Yet, traditional financial institutions refuse to join the crypto party, even though they are supposed to be the ones hosting it. 

The time has come for banks to enter crypto custody and to bring Bitcoin to the bank counter. The credit card company Visa plans to promote the introduction of Bitcoin and crypto currencies in banks via a software solution for its institutional customers. Furthermore, Mastercard announced it would facilitate cryptocurrency transactions this year.

Creating a crypto-friendly environment

For crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation. By adopting the Digital Finance Package last year, the EU Commission has already taken major steps in accelerating the EU’s Digital Finance transition. 

The current parliamentary report on “Markets in Crypto-Assets” (MiCA) constitutes the fundamentals for Europe’s crypto-adaptation. It will boost innovation while preserving financial stability and protecting investors from risks. 

We must create a harmonised market, promote legal certainty for crypto-asset issuers and ensure a level playing field for service providers. The objective is furthermore to ensure equal opportunities between established market players and providers of new services. Also, the legislation should also contribute to combating money laundering and the financing of terrorism. 

In addition to a regulatory framework, we must be prepared to issue an additional digital euro providing costless access to a simple, universally accepted, risk-free, trusted means of payment to citizens. 
A digital euro would complement cash, not replace it. Europe must set standards, instead of following those of others and a digital euro would be the proof of progress and integration in Europe. Meanwhile, monetary authorities are called upon to rebuild trust in the financial system.

Related News:

  • Germany pushes for crypto-asset regulation after Wirecard fiasco
  • EU to regulate crypto-asset transfers under anti-money laundering efforts
  • Crypto businesses call on EU to rein in regulation
  • Hemp industry will boost the food industry
Tags: News
Next Post
destroyed in an airstrike infantry fighting vehicle

ECHR upholds Germany's investigation of 2009 airstrike in Afghanistan

Latest post

EU-elections-UK

EU elections: UK looks on from the “outside”

1 year ago
Galeries-Royales-Saint-Hubert

What Makes Galeries Royales Saint-Hubert an “Institution”?

1 year ago

Most Read

    Follow Brussels Morning
    Facebook Twitter Youtube Linkedin

    Browse Important News

    Belgium News
    Brussels News
    Culture and Society News
    Economy News
    EU Institutions News
    European Commission News
    European Council News
    European Parliament News
    Europe News
    Health And Fitness News
    Southeast Europe News
    Sustainable Perspective
    World News
    Diplomacy News
    US Elections News

    About Us

    Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

    More Info

    • About Us
    • Advertise With Us
    • Contact Us
    • Cookies Policy

    Join Our Newsletter

    Brussels Morning Newspaper – All Rights Reserved © 2024

    No Result
    View All Result
    • Home
    • About Us
    • Belgium News
      • Belgium Police News
      • Brussels News
    • Brussels Bubble
      • European Parliament News
      • European Commission News
      • European Council News
    • Wider Europe
      • Member States
    • World News
    • Business & Society
    • Europe With Transparency
    • Culture & Society
    • Policy Talks
      • Place de la Bourse
      • The Macro-Economist
      • Sustainable Perspective
      • Ambassador’s Corner
      • The American Angle
      • Southeast Europe
    • Print Magazine

    Brussels Morning Newspaper - All Rights Reserved © 2020

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Cookie settingsACCEPT
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT