EU’s stance on crypto is different from China, says Home Affairs Commissioner

February 22, 2022

By Priyanka Shetty

After China has slammed the door on crypto, Europe is now the world’s biggest cryptocurrency economy, with the continent getting more than €870 billion in crypto in the last year, making it the biggest market in the world.

In fact, crypto startups in Slovenia, Croatia and Serbia are already attracting investment from some of the world’s most sophisticated investors, like Andreessen Horowitz, Tiger and Accel. Further, the recent remark by the home affairs commissioner has certainly given hope for crypto enthusiasts.

Here’s what we know so far:

  • European Union’s Commissioner for Home Affairs Ylva Johansson told the Munich Security Conference 2022: “I’m not uncomfortable with digital currencies, but we need to regulate them in a proper way.”
  • Johansson believes that criminals and terrorists can misuse crypto while exploiting its anonymity factor. Thus, there is a need to regulate crypto.
  • Further, she also pointed out how the EU’s stance on crypto is different from China and that Europe is completely open to digital assets. Even though some Swedish regulators are looking to ban proof-of-work mining, there will not be such restrictions in other countries in Europe.
  • Deputy Attorney General Lisa O. Monaco also spoke at the conference and said that the Federal Bureau of Investigation (FBI) is investigating ransomware and the abuse of cryptocurrency. The FBI is reportedly building a special team called ‘Virtual Asset Exploitation Unit (VAXU)’, which will consist of specialists to use equipment, blockchain analysis, virtual asset seizure, and training to the FBI.
  • German entrepreneur Christian Angermayer also shared his thoughts on how blockchain technology embedded in cryptocurrency can help millions of people over the world and emphasized the fact that how traditional banking organizations frequently leave billions of people in the cold while only focusing on self-interests.

About the author

Based in Bengaluru, Priyanka Shetty is a freelance writer at Blockchain Asset Review.

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