Lawmakers on both sides of the Atlantic should realise that cryptocurrencies are a truly global phenomenon. It is therefore not possible to create isolated and distinct regulatory frameworks. The US and the European Union should work together on this issue, experts believe.
Different models of regulation
Cryptocurrency regulation is a very difficult area to grasp, if only because it is a global phenomenon and there is effectively no such thing as a national cryptocurrency market. So, according to experts, it doesn’t make much sense when two different models of how cryptocurrencies should be regulated are emerging on both sides of the Atlantic. That is why the US and the European Union should work together to create the ideal of one model.
Global rules for cryptocurrencies
But even cooperation between the United States and the European 27 alone may not lead to an effective regulatory framework. As mentioned, cryptocurrencies are a global phenomenon and can therefore move anywhere in the world. If holders, miners or traders find that conditions are more favourable in one part of the world or another, they have no problem moving their business. Thus, if effective rules for digital currencies are to emerge, the whole world should be involved in their creation, not individual countries or supranational integration units in isolation.
