- Recent rumors have sparked concerns about an EU-wide registry for various assets, including cryptocurrencies.
- Circle’s Policy Head, Patrick Hansen, has addressed these rumors to provide clarity.
- A spokesperson from the EU Commission has confirmed that there are no plans for such a registry.
Discover the truth behind EU’s plans and avoid misinformation about an asset registry for cryptocurrencies.
Circle Executives Dispel Myths Surrounding EU’s Alleged Crypto Registry
Circle’s Policy Lead, Patrick Hansen, has taken to social media to correct misinformation regarding the European Union’s purported plans for a comprehensive asset registry. According to Hansen, the rumors suggesting an EU-wide registry for cryptocurrencies, cash, and art are unfounded. He referenced a statement by EU Commission spokesman Eric Mamer, who confirmed that no such registry is being developed or planned.
EU Commission’s Official Stance
In an official response, EU Commission spokesman Eric Mamer stated unequivocally that the Union is not working on or planning a central database to track citizens’ assets. Mamer clarified that while the EU is studying asset registration practices across its member states, this study does not imply the creation of a pan-European asset registry. Instead, it is meant to provide insights into how asset registration is managed in the EU’s 27 member states.
Understanding the Background: The EU’s Study on Asset Registration
Approximately three years ago, the EU Commission initiated a study to explore the feasibility of a European asset registry, in the context of combating money laundering and tax evasion. Conducted with a budget of €400,000 (about $434,860), the study’s findings, which are publicly accessible, indicated that creating a fully comprehensive and operationally feasible registry for all asset types is not realistic at this stage.
Implications for Crypto Regulation and MiCA Implementation
Currently, the EU’s regulatory focus is on implementing the Market in Crypto Assets (MiCA) framework. This regulatory effort aims to provide a clear and consistent legal structure for crypto assets across the Union. Numerous financial service providers within the EU are adjusting to these new rules. For instance, the Bank of Italy has recently released its guidelines on how to comply with MiCA regulations. Additionally, the European Securities and Markets Authority (ESMA) has updated its Q&A documents to help stakeholders better understand and implement MiCA-related provisions, such as those governing staking services.
Conclusion
In conclusion, despite circulating rumors, there is no EU-wide asset registry in development. The European Commission has debunked these claims and clarified their position. The main focus remains on the practical implementation of the MiCA framework, helping EU-based businesses and financial service providers to navigate the evolving regulatory landscape effectively. Readers are advised to verify the credibility of EU-related news to avoid misinformation.
