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 <p class="is-style-lead">The head of the European Central Bank (ECB), Christine Lagarde, said that the EU needs its own version of the U.S. Securities and Exchange Commission (SEC).</p>
 <p>As Financial Times reports, citing Lagarde’s words at a speech in Frankfurt, the <a rel="noopener noreferrer nofollow" title="creation" href="https://thebittimes.com/tag/creation.html">creation</a> of a European SEC will help attract the huge funds needed to solve the triple problem of “deglobalization, demographics and decarbonization.”</p>
 <p>In addition, the official called for an end to the system of national financial exchanges, saying that “the European capital market needs consolidated market infrastructures.”</p>
 <p>Lagarde also noted that US bond markets are three times larger than those in Europe, and the volume of venture capital funding in the EU is one-fifth that of the U.S. despite the fact that the U.S. economy is more than half the size of the EU, she added.</p>
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 <p>This spring, the European Parliament voted for a law on licensing cryptocurrencies and regulating transactions. The MiCA licensing mode (Markets in Crypto-Assets) received 517 votes in favor, 38 deputies voted against and 18 abstained.</p>
 <p>In addition, another law regulating transactions was passed with 529 votes in favor. According to it, crypto operators will be required to identify their clients in order to combat money laundering.</p>
 <p>Operators of cryptocurrency wallets and crypto exchanges will now have to obtain a license for their activities, and issuers of stablecoins—cryptocurrencies whose rate is pegged to fiat currencies—will have to maintain significant reserves.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ecb-president-calls-for-european-sec-creation-tbt70959.html">https://thebittimes.com/ecb-president-calls-for-european-sec-creation-tbt70959.html</a></p>

ECB president calls for European SEC creation

TheBitTimes

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