Chris MacManus, a Member of the European Parliament (MEP) representing Midland Northwest, Ireland, has called for strict crypto regulations in Europe.
According to a report on Wednesday, the MEP from Sinn Féin wants wholesale changes to the European Union’s proposed cryptocurrency changes.
MacManus has submitted 45 amendments to the EU aimed at toughening crypto laws in the region. Detailing his proposed crypto regulations, the Irish MEP stated:
“Under my proposals, all new and existing crypto-assets will require authorisation by a ‘competent authority’ like the Central Bank. Currently, currency founders simply have to deposit a white paper that outlines the cryptos’ purpose and technology, with no scrutiny whatsoever. These white papers, under my amendments, would also require a lot more detail and transparency.”
MacManus is also going after mining and with the MEP stating that state authorities would have to examine the potential environmental impact of crypto activities before granting authorization to any project.
The Irish MEP’s recommendation also includes regulations for stablecoin issuers and