A report from the European parliamentary research service claims that digital assets can benefit the EU economy, as the industry will play an increasingly important role.
The researchers emphasize that the European Union needs to keep up with the regulation of cryptocurrencies and help companies working in this area. The cryptocurrency ecosystem continues to expand and begins to change the preferences and habits of investors and consumers. In addition, it promotes innovation in the digital economy, increases the employment of highly qualified specialists, and provides new opportunities for businesses and startups.
“From a macroeconomic point of view, digital assets can benefit the economy as a whole. The expansion of the crypto asset market, which goes hand in hand with innovations in digital Finance, will accelerate significantly. Jobs will be created for highly qualified specialists, and innovation and investment will increase,” the researchers write in their report.
Analysts also stressed that the development of the cryptocurrency ecosystem requires a clear legal framework that will avoid risks for developers and investors. It is necessary to define crypto assets and explain what laws apply to them.
“Only a small part of crypto assets fall under the existing EU legal norms. This increases risks for consumers and investors. Given the complexity and rapid development of crypto assets, there is a need to constantly evaluate current legislation to know how effectively it is applied to this type of asset, and what amendments are needed,” the researchers believe.
In conclusion, analysts noted that due to the very nature of cryptocurrencies, lawmakers will have many difficulties in developing regulation of digital assets. Recall that, according to Reuters, by 2024, the European Union plans to fully regulate cryptocurrencies and digital assets.