PARIS: Countries that are slow to develop regulations for crypto assets could create arbitrage risks that can be exploited by players with global operations, the governor of the Banque de France said on Tuesday.
The European Union pledged in July to become a global standard-setter by proposing that companies obtain licenses and provide customer protection for issuing and selling digital tokens on blocks of 27 countries. I’ve been aiming
However, crypto-assets such as cryptocurrencies like Bitcoin are still largely unregulated globally.
French central bank president François Villeroy de Galhau said he hopes EU regulations will be formally adopted by March next year, while other unnamed “major jurisdictions” are less advanced. I added no.
“We need to be very careful to avoid adopting different or conflicting regulations or regulation too late,” Villeroy said at a conference on digital finance in Paris. .
“To do so would create an unfair playing field and risk arbitrage and cherry-picking,” he said, noting that “overly complex” regulations would protect customers and prevent money laundering. It may not be enough to prevent ringing, he added.
While the EU is pushing for new crypto regulation, the US is still identifying gaps in its regulation.
https://www.channelnewsasia.com/business/crypto-regulation-laggards-spur-arbitrage-risk-french-central-banker-2968871 Delayed Crypto Regulation Spurs Arbitrage Risk – French Central Bankers