European regulators warn that cryptocurrencies could pose a threat to financial stability
2025-04-09 05:27:48
Natasha Cazenave, executive director of the European Securities and Markets Authority (ESMA), told the Committee on Economic and Monetary Affairs on April 8 that a sharp drop in crypto prices in the future could have a ripple effect on the overall financial system as the crypto industry grows and ties with traditional Financial Institution Groups deepen. While crypto assets currently account for only 1% of global financial assets and do not yet constitute a significant "spillover effect", they are developing at a rapid pace, especially in the crypto-friendly US market. The European Union has implemented the Crypto Asset Market Regulation Act (MiCA) to deal with risks, but Cazenave stressed that "there are no absolutely safe crypto assets" and more rules may be needed to reduce future risks. At present, around 10% to 20% of European investors hold cryptoassets, while 95% of European banks are still not involved in this field.
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