October 21, 2020

By 2024, the EU will create cryptocurrency regulation rules

By 2024, the EU will create cryptocurrency regulation rules

The European Union (EU) plans to introduce new regulations within four years that will make cross-border payments faster and cheaper through the use of blockchain and digital assets. It is reported by Reuters with reference to "EU documents".

The EU wants to encourage wideruse of digital payments (about 78% of payments in the eurozone are made in cash). The European Commission wants to move more quickly to "instant" payments due to "pandemic restrictions, which have demonstrated the growing role of cashless payments."

The European Commission plans to present a bill that will clarify how to apply existing rules to cryptoassets, and establish new ones that should fill the "gaps" in regulation.

“By 2024, the EU must create a comprehensive regulatory framework that will enable distributed ledger technology and cryptoassets in the financial sector,” - says the documents.

The EU also wants to simplify the exchange of data inthe financial sector to stimulate competition and the development of a broader range of services, while adhering to the principle of “same risk, same rules, same regulation”.

"By 2024, the principle of certification and licensing according to the" single window "model should be applied in all areas that have significant potential in the field of digital finance", - the documents say.

Instant payment systems are set to become the “new normal” by the end of 2021.

As noted by Reuters, Europe has long been looking for "its" alternative to MasterCard and Visa, the US payment companies, whose services are actively used in the region.

By 2024, the EU will create cryptocurrency regulation rules