According to Cointelegraph, Mário Centeno, the Governor of Banco de Portugal, has emphasized the need for a global framework to regulate cryptocurrencies. In his opening speech at the 2023 Banco de Portugal Financial Stability Conference on Oct. 2, Centeno called for international cooperation to establish a robust framework and prevent regulatory arbitrage. He stated that it would be short-sighted to believe that regulating and supervising global risks and international players at the national level would be sufficient.
Centeno also discussed the undeniable risk of crypto assets and decentralized finance (DeFi) being unviable in the long run. He expressed skepticism about the democratizing potential of digital assets and their ability to survive. He cited the collapse of several products during the Covid-19 pandemic as evidence of their unsustainability.
While praising the European Union's first comprehensive crypto framework, Markets in Crypto Assets (MiCA), Centeno insisted on further international consolidation of regulatory efforts under the principle of 'same risk, same regulation.' Similar sentiments have been expressed by officials from Germany and India, highlighting the need for global collaboration on formulating crypto regulations.