According to the report published after the meeting of the European Systemic Risk Board (ESRB), the EU needs to quickly pass the cryptocurrency regulation bill MiCA, which will eliminate the risks that the popularization of crypto assets poses to financial stability.
According to the document:
"The emergence of new institutions and the use of new financial products, some of which have rapidly become popular, in particular crypto assets and stablecoins, may pose risks to financial stability."
The ESRB will present an explanatory note in the coming weeks with an overview of the macroprudential system in the banking sector in response to the European Commission's call to work on the necessary changes to legislation.
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In particular, experts will answer the question on the sufficiency of tools to mitigate systemic risks, including from cryptocurrencies, with an assessment of the need to expand them.
The ESRB has admitted the measures should be extended not only to traditional institutions, but also to large technology and fintech companies.