Crypto Sphere Is Subject To Comprehensive Analysis — Report
The European Banking Authority (EBA) published a report in which it urged the authorized bodies of the European Union to conduct a comprehensive study of the cryptocurrency sphere. The organization itself also plans to be active in this matter in 2019.
The EBA report focuses on examining how applicable the EU regulatory framework is to digital assets. At the same time, the authority is not in a hurry to determine any normative framework.
Currently, crypto activities are not regulated in accordance with the EU laws regarding banks, electronic money, and payments. There is an understanding that customers are exposed to risks that are not yet properly addressed by regulating financial EU organizations, the report states.
The EBA recommends the European Commission to conduct a further analysis of the sphere of digital assets to prepare the ground for the adoption of relevant laws. At the moment, it is difficult to call the position of the EU bodies defined. Officials express different opinions in relation to the crypto industry, their views are too contradictory, from approval to complete denial. For instance, Ardo Hansson, a member of the Governing Council of the European Central Bank, stressed that the crypto market is close to collapse.
The EBA will continue to monitor the situation in the crypto industry and intends to submit its regulatory documents to assist the authorities of the EU member states in drawing up financial reports.