EU financial services chief called for global regulation of cryptocurrencies.

The head of the EU’s financial services has called on US lawmakers to create new regulations to control the cryptocurrency market, stressing that if digital assets remain unregulated, financial stability might be threatened.

Mairead McGuinness, the European Commission’s financial services commissioner, told in a recent interview with the Financial Times that they need to look at global regulation of cryptocurrencies.

‘We do need to see other players also legislating … perhaps differently, but with the same objective. … We need to look at the global regulation of crypto. There would be a lot of concern at a European level as to [what would happen] if crypto were not to be regulated.’,  stated McGuinness, and warned that digital assets could pose a threat to financial stability if left unregulated.

McGuinness’ views support those of the US Financial Stability Board, which called for a global framework to help nations in their attempts to regulate cryptocurrencies.