Germany will speed up development of regulatory framework for cryptocurrencies in the European Union (EU), said German Finance Minister Olaf Scholz on Thursday.
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Scholz also welcomed the EU’s latest proposals for the regulation of the crypto market and blockchain technology:
"These are important proposals to make Europe’s financial sector really strong. My goal is to move the discussions forward quickly," Reuters cites Scholz.
Scholz noted he would put new reform packages on the agenda of the next EU finance ministers meeting on October 6. With the new reforms the EU plans to promote innovations in the financial sector "so that Europe sets standards worldwide," added Germany's Finance Minister.
Previously in September, the European Central Bank (ECB) said that stablecoins that entail a liability on an identifiable entity should be subject "to existing regulatory standards."
In a recently published report, the ECB claims the term "stablecoin" can only be stable only through appropriate "design and effective risk management." The regulator also proposes to change the term so that potential buyers of the asset will not be misled.
Meanwhile, the US Office of the Comptroller of the Currency (OCC) published a new letter according to which, the US financial institutions can now keep reserves on behalf of stablecoin issuers.
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