A myriad of new regulations on digital finance and assets coming out of the European Union in 2022 could have far-reaching impacts for credit unions across the world.
That was the message delivered during a June 28 World Council of Credit Unions' International Advocacy virtual event: An Overview of EU Policy on Digital Finance and Digital Assets.
Nickolas Reinhardt and Andreia Jones Rodriques of Afore Consulting broke down the new rules on financial digitalization already passed or being considered in the EU. Afore Consulting specializes in providing expertise in financial services, regulation and policy.
They broke down EU policies in the following areas:
- Digital asset regulation, based on the Markets in crypto-assets and amending directive (MiCA)
- AML rules and digital assets
- Digital payments
- Operational resilience
- Artificial intelligence
Andrew Price, Senior Vice President of International Advocacy for World Council, told attendees there's precedence for EU digital policies being more widely adopted.
"The EU tends to get ahead on a lot of the issues and you have a body that regulates a lot of countries in that area as well. If you think of the EU GDPR (General Data Protection Regulation), that sort of spread like wildfire around the world, a lot of pieces added and a lot of approaches are being adopted around the world," said Price.
For a deeper dive, you can watch this World Council virtual event in its entirety on our YouTube Channel.