Banco de Portugal President Mário Centeno argues that a global framework for cryptocurrency supervision at the national level is indispensable. In his keynote address at the 2023 Banco de Portugal Financial Stability Conference, Centeno called for the establishment of a “robust framework” through international cooperation to prevent the possibility of “regulatory arbitrage.”

Regarding cryptoassets and decentralized finance (DeFi), Centeno stated that there is “undeniable risk” to their long-term viability. Although Centeno praised the European Union's (EU) first comprehensive crypto framework, CryptoAsset Markets (MiCA), he called for greater international consolidation of regulatory efforts under the principle of "same risk, same regulation."

Rupert Schaefer, Executive Director of Strategy, Policy and Control at Germany's Federal Financial Supervisory Authority (BaFin), expressed similar thoughts. In his blog post, Schaefer acknowledged the apparent progress in crypto regulations with the adoption of MiCA in the EU, but cited current inconsistencies on a global scale.

In August, Indian Prime Minister Narendra Modi also called for global cooperation on crypto regulations at the G20 summit.#crypto#regulation #internationalcooperation

What do you think global crypto regulations should be like? We are waiting your comments.