The EU is developing rules for the regulation of cryptocurrency assets

The EU is preparing to establish a new regulatory regime for cryptocurrency assets, the vice president said.European Commission Valdis Dombrovskis.

“This is a good opportunity so that Europe canto strengthen its position in the international arena and become a global founder of standards, while European companies are leading in the field of new technologies for digital finance ”- he declared.

The primary concern of this plan iscryptocurrencies, added Dombrovskis. European laws already define the principles for regulating some aspects of the industry, for example, security tokens, while others, including stablecoins, remain in the gray zone. According to the representative of the European Commission, it is precisely the lack of certainty in regulation that is often called the "main barrier to the development of a strong cryptocurrency market in the EU."

At the same time, individual initiatives of individual countriescryptocurrency regulations violate the integrity of the market and complicate the activities of companies with presence in several EU countries. It is expected that the new regulatory regime will not only fill legislative gaps, but also bring this legislation to a single standard throughout the block.

Publication of new regulatory proposalsto be held before the end of the year. Dombrovskis did not go into details, only saying that they would support and stimulate innovation. At the same time, Libra, which is a prime example of a “global stablecoin”, is waiting for a new tightening of the rules, he promised.

“In general, our approach will be proportional andbased on risk level. This means that less stringent rules will apply to less risky projects. Global stablecoins carry additional challenges and could potentially be significant at the system level, so our rules for them will be stricter "- he explained.

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