The European Union will present a new regulatory framework by 2024, Reuters has learned, citing two EU documents.
The new regulation will reportedly boost cross-border payments and make them cheaper thanks to the blockchain and crypto technologies like stablecoins.
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According to the documents, the EU executive branch will present a bill clarifying how the existing rules apply to crypto-related assets.
"By 2024, the principle of passporting and a one-stop shop licensing should apply in all areas which hold strong potential for digital finance," the document says.
The documents also say that Brussels wants to simplify the exchange of data in the financial sector "in order to stimulate competition and a wider range of services."
Previously, major European countries, including Germany, the Netherlands and Italy called on stricter regulation for stablecoin issuers in order "to protect consumers and preserve state sovereignty in monetary policy."
In a joint statement the finance ministers of the five European Union member said that stablecoins should be prohibited until legal, regulatory and oversight challenges had been addressed.
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