The European Union said in a statement on Friday (1st) that the European Council and the European Parliament reached an interim agreement on a proposal that covers issuers of unbacked cryptocurrencies and also the so-called stablecoinsas well as the trading platforms and wallets in which cryptocurrencies are held.
In a statement, the bloc says this will protect investors as well as financial stability, while allowing for innovations and boosting the sector’s attractiveness.
“This will provide more clarity in the European Union, as some member states have national legislation on crypto assets, but until now there was no regulatory framework at the EU level,” reads the text.
The regulation will include guidelines such as that there is a public record of cryptocurrency service providers in breach of the rules, as well as a requirement to implement measures for companies that are considered to be high risk for money laundering, among other points.
There will also be strong regulation on the so-called “stablecoins“, linked to some asset, to “protect consumers”, says the note from the block.
Source: CNN Brasil
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