Just In: Europe’s Central Bank To Raise Warning Over Crypto Laws

Ashish Kumar
July 4, 2022
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ECB Unveils Key Features in First CBDC Progress Report

The European Commission (EC) has already shown its concern over the need for strict crypto regulation. In this bid, the European Central Bank (ECB) will be issuing a warning to the Eurozone countries over it.

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ECB highlights rising strain

According to a report by Financial Times, the ECB will be notifying the countries of the danger of national regulating authorities for lacking awaited EU cryptocurrency rules. It mentioned the rising difficulties of launching efficient oversight will be highlighted.

ECB will be citing the urgent need for “harmonisation” at a meeting among the supervisory board this week, the report added.

The central bank has shown a major concern over the remaining and messy work of the national regulations governing. This has overlapped the work between the banks and crypto companies before the 18 months from implementation. However, the package is set to become law by the next year.

A National regulator from one of the Eurozone countries mentioned that it is “very challenging”.

“With Mica 18 months away, are you better to say, ‘until it’s in, do what you like, there’s no regulation’ or are you better to try to get a handle on it?”, it further added

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Nations taking proactive efforts against crypto

As per the report, Germany has taken the most proactive efforts to tame virtual digital currencies. The nation has also implemented the EU’s 2020 anti money laundering directives. This has been used against the companies holding crypto assets in the name of the clients.

The Central Bank has shown concerns regarding adjudicating digital assets related licenses pursued by the banks. However, there is no pan European framework in place. This matter will be discussed with the broader need for ‘harmonisation’ of eurozone approaches.

Meanwhile, other nation like the Netherland is focused on registration over anti money laundering compliance. However, some are looking for considering wider measures after Russia’s invasion of Ukraine.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.