New European Union crypto rules are meaningless unless the rest of the world adopts them, the bloc’s top financial-services official told CoinDesk on Thursday at the World Economic Forum. The turmoil in the crypto market, according to European Commissioner Mairead McGuinness, has provided additional ammunition to those pushing for a global rulebook, but she warns that future crypto innovations must be focused on people. “It’s fantastic that we can say that” with its landmark Markets in Crypto Assets regulation (MiCA), the EU was the first major jurisdiction in the world to regulate the sector, McGuinness told CoinDesk on the sidelines of the Davos meeting. “However, Europe cannot stand alone because this is a global development, and we cannot erect barriers.”