The European Banking Authority, an European Union (EU) agency responsible for ensuring banking regulation is implemented in all member states, has carried out a year-long study on how the EU’s members are considering and treating crypto-assets, such as Bitcoin.
According to the report, different rules across the European Union — and the lack of combined regulation — may adversely affect consumers.
Therefore, the European Banking Authority is encouraging the European Commission, responsible for drafting the European Union’s legislation, to consider the feasibility of drawing up mutual EU rules for the ecosystem as a whole.
“[...] Divergent approaches to the regulation of these activities are emerging across the EU. These factors give rise to potential issues, including regarding consumer protection [and] operational resilience [...].” — EBA report.
The EBA findings are in line with the Financial Action Task Force concerns. The global money-laundering watchdog shared recently that criminals may take advantage of hybrid rules for crypto assets being implemented around the world.
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