The US and the European Union are strengthening cooperation in digital asset regulation to promote cross-border cryptocurrency management.
At the EU-US Joint Financial Regulatory Forum held in June 2024, regulators shared legal processes such as MiCA in the EU and the US's cryptocurrency policy priorities, while discussing the digital euro and cybersecurity.
MAIN CONTENT
Cryptocurrency regulatory cooperation between the US and EU is enhanced through a joint forum in Brussels in 2024.
The EU presents progress on MiCA and the Digital Operational Resilience Act (DORA), while the US announces its cryptocurrency policy priorities and cybersecurity.
Both sides focus on discussions about cross-border regulations, international payments, and the digital euro.
How does the US-EU joint financial forum discuss cryptocurrency regulation?
This is an important event showcasing the management experience and enforcement coordination between US and European financial agencies in the field of cryptocurrency, contributing to enhanced transparency and security.
The forum takes place from June 24-25, 2024, in Brussels, co-chaired by the European Commission and the US Department of the Treasury. The main theme focuses on cryptocurrency regulation and coordination efforts on cross-border payments. This is a significant step in the legal framework to respond to trends in developing digital assets more effectively and sustainably.
What are the main topics the US and EU discussed at the forum?
Both sides have presented specific implementation steps and discussed in-depth cryptocurrency management policies to enhance stability and financial safety in the global market.
The EU introduces progress on the Markets in Crypto-Assets Regulation (MiCA), focusing on enhancing new management standards for various digital currency types and tokens. Additionally, the Digital Operational Resilience Act (DORA) is also discussed to ensure the financial system meets technological security. The US updates its cryptocurrency policy priorities, continuing to emphasize the importance of cybersecurity and governance according to international standards.
"The sharing of information and regulatory coordination between the US and Europe lays a solid foundation for establishing a global legal framework for cryptocurrency, contributing to user protection and financial stability."
Janet Yellen, US Secretary of the Treasury, June 2024
The role of the digital euro and cybersecurity in the discussions
These are two priority issues confirmed by experts and regulators at the forum, highlighting the need for specific policy guidance to balance development and protection.
The EU emphasizes the development of the digital euro as an essential part of improving the digital payment system in the region. Meanwhile, the US focuses on enhancing cybersecurity to minimize the risks of fraud and cyberattacks in the context of the expansion of DeFi and cryptocurrency services. Cooperation between the two blocs also aims to facilitate safe and effective cross-border payments.
"Cybersecurity and digital currency must go hand in hand to build trust among global cryptocurrency users."
Thiago Silva, Digital Finance Expert, Blockchain World Congress 2024
What impact will cross-border regulatory cooperation have on the cryptocurrency market?
Legal and digital asset regulation experts affirm that cooperative efforts will support the creation of standards, minimize legal risks, and promote sustainable development of the cryptocurrency market.
The consensus between the US and EU to share regulatory information and develop common regulations helps minimize conflicts in the law, facilitating cross-border digital asset transactions and operations. Moreover, the global financial stability index will be enhanced when regulations and governance are synchronized.
Next steps in US-EU cooperation on cryptocurrency
According to the latest report from the US Department of the Treasury in July 2024, both sides continue to commit to developing a strong legal framework while enhancing coordination with global financial and market organizations.
The completion of regulations related to the Digital Operational Resilience Act (DORA) and Markets in Crypto-Assets Regulation (MiCA) will be accelerated by the end of 2024, along with in-depth research collaboration on national digital currencies, especially the digital euro. Additionally, the US and EU are also focusing on improving cross-border payment methods to reduce costs and increase transparency.
Frequently Asked Questions
How do the US and EU cooperate on cryptocurrency? Both collaborate at the EU-US Joint Financial Regulatory Forum to exchange and unify policies. What is MiCA and why is it important? MiCA is an EU regulation providing a legal framework for digital assets to protect users and enhance market transparency. What is the role of the digital euro in this cooperation? The digital euro is being studied to improve intra-block digital payments and enhance digital financial interoperability. Why is cybersecurity prioritized in discussions? Cybersecurity helps protect the financial system from attacks and fraud in the context of the growing use of cryptocurrency and digital technology. What will change for cryptocurrency users after this cooperation? Users will benefit from a transparent, safe regulatory environment with international standards for cryptocurrency transactions.
Source: https://tintucbitcoin.com/us-eu-thuc-day-hop-tac-tien-dien-tu/
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