According to a report by the European Parliamentary Research Service (EPRS), countries outside the Schengen area should provide stricter oversight of the cryptocurrency industry.
The document says:
"There are yet several channels through which the EU's financial system and autonomy is still at risk as it remains dependent on non-EU countries' policy actions in the context where the MiCA is applicable."
EPRS experts believe declining market attractiveness and the widespread use of stablecoins are possible consequences for financial stability.
According to the report, the United States has "fragmented regulatory regimes" involving various stakeholders at the federal and local levels. According to experts, this indirectly affects legal clarity and regulatory certainty.
19 jurisdictions have already adopted measures regarding crypto assets.
The European Parliament voted in April in favor of MiCA, a bill to regulate the crypto sector comprehensively.