EBA called for more regulations for cryptocurrencies
The European Banking Authority called for more laws to be developed, in order to maintain protection for consumers
On Tuesday, the European Banking Authority (EBA) called for developing more regulations for cryptocurrencies within the European Union in order to protect consumers.
According to the official report, the regulations aim to eliminate the framework that is currently in force in order to maintain a certain homogeneity within the members.
“Typically, digital assets are outside the supervision of the regulation of financial services in the EU. Also, different approaches to the regulation of these activities are emerging through the European Union. These factors give rise to potential problems, including those related to consumer protection, operational resilience and fairness in the competition”, the statement said.
Since they began to gain popularity, cryptocurrencies have become a headache for financial regulators around the world, given that they have not been able to find a way to apply total control within the ecosystem.
These new measures come in parallel with the increase in the price of bitcoin, which is already starting to position above $4,000.
K. Tovar
Source: Coincrispy
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