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The European Parliament adopted at the end of March a bill that obliges all users of crypto exchanges and wallets to complete a verification process.

Mairead McGuinness, representative of the European Commission and Commissioner for Financial Services and Financial Stability, also believes the digital currency market needs to be regulated.

According to her, increasing the transparency of the industry is the main way to ensure the safety of companies and EU citizens who have invested in cryptocurrencies.

The official has recalled that virtual currencies are volatile instruments. If they are not controlled, they can harm the financial system of the union.

In addition, cryptocurrencies can be used by some states to circumvent economic sanctions. Industry regulation should be global.

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