Ireland needs Crypto Regs, says BNY Mellon
Corporate investment bank BNY Mellon has encouraged the Irish Department of Finance to adopt cryptocurrency rules while European Union regulation is still pending, according to a report released Sunday (October 24) by the Irish Independent.
According to the report, representatives from BNY Mellon have met with Irish Minister of State at the Department of Finance Seán Fleming this spring to push for national cryptocurrency rules as the EU considers regulations.
The proposed rules that would govern cryptos across the EU are expected in 2023, according to the report. However, the report adds that some European countries have considered creating their own rules in the meantime.
In a recent interview with Karen Webster of PYMNTS, BCB Group CEO Oliver von Landsberg-Sadie described three main obstacles to the widespread adoption of crypto as a currency, as well as an asset for the trading.
First, he said that the average consumer does not understand the basics of cryptocurrency. Then he said there were limited places to use crypto. Finally, regulatory intervention has fluctuated from country to country.
Read more: New banking infrastructure is needed to bank today’s crypto ‘unbankables’
In February, the Swedish financial supervisory authority, Finansinspektionen, warned consumers about the risks of investing in crypto assets after conducting a market review, according to PYMNTS.
The authority said crypto assets were “unsuitable for most, if not all, retail consumers,” the report said, adding that consumers who invest in crypto are at high risk of losing money. Additionally, the authority said crypto-assets lack consumer protection guidelines that apply to other investments.
Read more: Bitcoin Daily: Bitcoin mine operator planning IPO; Swedish financial authority warns consumers of crypto risks
Meanwhile, BNY Mellon, through its recent involvement with Ireland-based universal digital commerce and payment solutions provider Marco Polo Network, is working to introduce blockchain technology in international trade finance, according to PYMNTS .
Through this joint effort, BNY Mellon strives to digitize the way working capital is delivered to suppliers and buyers around the world, with this partnership making it easier for BNY Mellon to accelerate the trade finance workflow. .
See also: BNY Mellon Introduces Blockchain Technology to International Trade Finance