The EU is expected to implement comprehensive regulations on cryptocurrencies by 2024. Prior to that, five European Finance Ministers had called on the European Commission. "Strong and clear rules" for cryptocurrencies.
The EU encryption regulations are coming soon.
Reuters explained some days ago that according to two EU documents, a comprehensive digital currency regulatory framework is expected within four years:
"By 2024, the EU must establish a comprehensive framework for accepting decentralized ledger technology (DLT) and digital currency in the financial sector."
Additional Documentation: "By 2024, the passport and license principles should be applied equally in all regions with digital funding potential."
According to Euractiva, a European publication specializing in EU policy, the European Commission will release a new digital currency strategy and cryptocurrency rules later this month. Describe the key actions of the committee until 2024.
In addition to the existing cryptocurrency offerings, Valdis Dombrovskis of the European Commission responsible for the economy and finance said the commission. "Improves the integrity of cryptocurrencies in financial companies, rules to ensure banks have more digital assets, considering the volatility and risk associated with these assets, you can relax capital," explains Euractiva.
Reuters added that both documents describe how the current rules apply to cryptocurrencies and will define a new gaps in the rules, adding that "the risks associated with these technologies must also be addressed," the document said. Also pointed out that while respecting the principles of "Equal Risk, Equal Rule and Equal Regulation" The committee should promote the exchange of information within the financial sector to promote greater competition and service.
In addition, the European Commission hopes to increase the use of cryptocurrencies as currently 78% of eurozone payments are in cash, the new regulations will come into effect within four years, allowing new customers to use it. "Financial services" at a glance He added that it should When the money laundering and identification work is done "
Last week, finance ministers from France, Germany, Italy, the Netherlands and Spain asked the European Commission to include "tight regulations" in upcoming cryptocurrency deals, especially for global digital tokens such as the size of the cryptocurrency. Facebook, they said in a joint statement that until legal, regulatory and regulatory issues are resolved, stabilizers will not work in EU countries.French Finance Minister Bruno Le Maire said: “We are waiting for the panel. The commissioner enacted strong and clear rules to prevent terrorist activities or the misuse of cryptocurrency to launder money. ”
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