The EU is creating a new regulatory framework for the cryptocurrency industry, said Valdis Dombrovskis, Vice President of the European Commission:
"This is a good chance for Europe to strengthen its international standing and to become a global standard-setter, with European companies leading new technologies for digital finance."
While the EU's current laws define the principles for regulating some aspects of the sector, for example security tokens, others, including stablecoins, remain in a grey area. Dombrovskis says the lack of regulatory certainty is precisely "the main barrier to developing a sound crypto-asset market in the EU."
This new regulatory framework will not only complete the current regulation, but will also consolidate and homogenize existing standards across the continent.
The new proposals should be published before the end of 2020.
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