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Homepage > News > Finance > Central Bank of Ireland wants to democratize finance There’s an old saying that the United States innovates and Europe regulates. While Europe’s tendency to regulate may cost it in some areas, having clear regulations may finally give it an advantage when it comes to the burgeoning blockchain and digital currency industries. According to the Deputy Governor of the Central Bank of Ireland, Derville Rowland, the clarity the EU’s MiCA regulations provide will enable her country to stay at the forefront of “safe innovation.” Rowland said she had two priorities regarding MiCA implementation: to work with other member states and relevant authorities to ensure coordination and consistency and to improve the authorization process by explaining the central bank’s expectations. “Europe must refocus its collective efforts on closing the innovation gap with the US and China, especially in advanced technologies,” said Derville Rowland, deputy governor of the Central Bank of Ireland. What do the MiCA regulations mean for blockchain in Europe? Rowland called blockchain one of the “most notable” innovations in financial services. She said it is already helping to improve multiple sectors through the tokenization of investment products and enhanced interoperability. One example would be mBridge by the Bank for International Settlements (BIS), enabling central banks to settle payments instantly via tokenized currencies. Clearly, some big players in global financial institutions are realizing the power of blockchain technology to deliver utility. In Europe, the MiCA regulations aim to create harmonization across the EU, creating legal clarity, protecting consumers, and fostering innovation. Essentially, it’s an effort to standardize blockchain and associated technology in the block. Of course, rules come with obligations, and the MiCA rules put some extra burdens on the shoulders of various parties: Crypto Asset Services Providers (CASPs) must obtain a license, ensure transparency,…

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Filed under: News - @ October 2, 2024 5:27 am