In its latest sitting, the European Banking Authority (EBA) has recommended more research into cryptocurrencies so that proper, unhurried set of regulations can be made. It said that it needs to execute several actions in this aspect.
The EBA seems to willing to take the time to develop a proper framework and not stifle the industry. The report aptly focuses on “applicability and suitability of European Union law to crypto-assets”.
The report summarized its decision, noting that crypto-related activities do not normally constitute as regulated services under the EU scope, with customer risks existing without being addressed. It recommends that the European Commission analyzes and determines an “appropriate EU-level response”.
With different member states having a variety of stances and acceptance of cryptocurrencies, the EBA intends to firstly develop a smoother and uniform reporting system in which all countries can work without hitches. It stated, “The EBA will keep under review the need for any further actions within the scope of its statutory competence and stands ready to support the European Commission in relation to any further analysis of issues arising in relation to crypto-assets.”
With the EBA seriously considering the impact of cryptocurrencies to the financial system and how to ensure a smooth integration, the EU first must ensure that the polar opposite views of officials are addressed. The efforts of EBA are at odds with the opinions of officials such as European Central Bank policymaker Ardo Hansson calling cryptocurrency fantasies and predicting that people in the future will look back and see them as “a complete load of nonsense“.
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