CNMV is likely to make many cryptocurrencies disappear
Rodrigo Buenaventura, President of the National Securities Market Commission (CNMV), predicted that Many cryptocurrencies currently listed on the market will disappear, after which he has advocated attention to the technology that underpins the crypto ecosystem. “The least socially useful part is this whole kind of mass phenomenon What will be the next cryptocurrency to catch fire?“, something that in his opinion “contributes nothing to Spanish society”.
Buenaventura has influenced it Welcomes innovations in the crypto-asset industry, more in the field of cryptofinance and less in the field of cryptocurrency. This was done at an event organized by H+K Strategies which was also attended by Arturo González, President of the Spanish Association of FinTech and InsurTech (AEFI).
This argument has been made by the President of CNMV It does not question the utility of this property as a means of payment, but “the utility of issuing coins with no apparent and real value”.. In fact, he believes many of those currently listed on the market will disappear. Similarly, from the stock market’s point of view, the biggest advantage of this technology is the possibility to register securities-such as shares, bonds and promissory notes with DLT technology. market
Crypto finance also “opens doors to new customers” It allows companies that have never had a securities account to appeal to savers and investors with lower costs, thereby lowering the cost of capital. Buenaventura explained that, for the moment, Cryptocurrencies that are intended for ‘trading’ do not pose a problem for financial stability International, because they represent a very small percentage of the capitalization of stock markets and do not have a significant mass to destabilize.
In addition, the Investment funds and other regulated entities have not invested heavily In this type of property, therefore, the results are still weak. However, he has warned that this situation can change rapidly. Regarding the main risks, the President of the CNMV has highlighted the possession and its security, referring to the improper use of the client’s assets, as seen in the case of the FTX platform.
These are added Technological limitations, market integrity and the spread of misleading information, others. Regarding the regulation on crypto-asset markets (MICA), which is expected to enter the last quarter of 2024, Buenaventura indicated that there is a lot to be done in the next 18 months and that it is normal to take. Long enough to be effective.
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