Mark Aruliah
DIGITAL ASSETS
Mark Aruliah
Head of EMEA Policy and Regulatory Affairs Elliptic
Mark Aruliah, Head of EMEA Policy and Regulatory Affairs notes how global powers are reacting to the US GENIUS Act, as they bid to shore up their own regulatory positions in digital finance and stablecoins.
“ Global powers are moving fast to secure their position in digital finance. The U. S. GENIUS Act aims to cement dollar dominance, while the EU is moving forward with euro stablecoins, and launching DLT pilots to modernise trading of financial instruments. We saw just this week, ECB adviser Jürgen Schaaf, warns that without credible euro stablecoins, Europe risks being sidelined.
“ The UK must now deliver a clear, straightforward and robust framework that supports the potential for innovation in a rapidly growing ecosystem that is actively becoming a foundational component of the global financial system.
“ By prioritising transparency, redemption certainty, and consumer protection, the UK can attract institutional trust and investment. But the government faces a delicate balance between its ambition for growth and the need for regulators to regulate for risk. Similar to MiCA and GENIUS, concerns around anti-money laundering and consumer protection safeguards will be central to driving a consensus.“
BY PRIORITISING TRANSPARENCY, REDEMPTION CERTAINTY, AND CONSUMER PROTECTION, THE UK CAN ATTRACT INSTITUTIONAL TRUST AND INVESTMENT
Mark Aruliah fintechmagazine. com 167