Report: The European Banking Authority compels a firm approach to crypto regulation
In the latest report issued by the EBA agency on January 9, the European Banking Authority (EBA) has suggested for an advanced investigation into the cryptocurrency sector and will implement a number of actions with regard to the crypto regulation sector in the year 2019.
Reportedly, in the paper which concentrates on the usability and appropriateness of European Union regulation to crypto-holdings, the EBA seem to be mostly easygoing about creating new monitoring frameworks for the bloc.
Normally, the crypto-asset undertakings do not make regulated services within the confines of EU banking, payments, and electronic money regulation, and threats exist for users that are not addressed at the EU level, according to the summary given by the report.
The EBA advises that the European Commission should conduct additional analysis to identify a suitable EU-level response.
The bigger position of the EU on cryptocurrency has been hard to measure. In spite of various reports into numerous facets of the sector and its use, the representatives remained to showcase conflicting views in the public.
As per the reports this week, the policymaker of European Central Bank namely Ardo Hansson called crypto-assets as a fairytale and made a future prediction by saying that crypto would turn into a complete load of nonsense at the end of the day.
The EBA stated that it plans to publish a filing to assist the authorities in fellow countries to make reports of the financial doings in a more advanced and uniformed way. Also, the firm emphasized the necessity for transparency and appropriate public warnings regarding the risks associated with cryptocurrency.
Talking about its upcoming actions, the report said:
“The EBA will keep evaluating the requirement for any advanced actions within the confines of its constitutional competence and stands prepared to assist the European Commission regarding any further investigation of matters arising in terms of crypto-assets.”