EU to strengthen crypto regulation to encourage innovation

2020-7-15 15:37

EU’s Executive Vice-President discussed the topic of crypto-assets regulation during a speech at the Digital Finance Outreach 2020 Closing conference.

The European Union is no stranger to the potential benefits crypto-assets have to offer. In a recent speech by Valdis Dombrovskis, the EU’s Executive Vice-President acknowledged the benefit that digital assets offer to consumers, businesses and market participants.

In the speech, Dombrovskis shared the EU’s plans to change the legal uncertainty that reigns over the crypto-assets ecosystem, as well as to lead the way to better regulations.

“Some crypto-assets fall under existing EU rules. Many do not. But they present familiar issues of consumer protection, market integrity, and equal conditions for competition.” expressed Mr. Dombrovskis.

The EU will propose a flexible pilot scheme later this year

The EU’s approach to crypto regulation will be in the form of legislation that incentivises and allows the industry to innovate by giving regulatory flexibility for experimentation, while also including close supervisory oversight.

Assets that are not covered, such as stablecoins, will have new regulations tailored to their specific needs, risks and the understanding required by investors and users alike. The level of flexibility of the regulations will have will be directly proportional to the risk the assets imply, according to EU regulators.

Europeans are ready for digital finance

Dombrovskis stressed that full confidence in a digital system was needed for users to adopt it, with confidence being the result of digital operational resilience.

With the demand for digital services on the rise as a result of COVID-19, the financial system has become more attractive for cybercriminals, who now have a more captive audience.

This resulted in the European Systemic Risk Board working on regulations that will demand financial industries to comply with standards to ensure the resilience of their systems, as well as promote an overhaul of legacy IT systems.

The EU is looking to ensure that financial institutions participate in a single market, promote a data-driven financial sector and stimulate innovation with tits new rules while remaining technology-neutral.

“Ladies and gentlemen, the digital age is firmly upon us. Europe’s financial sector needs it to move forward,” concluded Mr. Dombrovskis.

The post EU to strengthen crypto regulation to encourage innovation appeared first on Coin Journal.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Emerald Crypto (EMD) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 4.67 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0059599 (-100%)

regulation innovation encourage crypto strengthen journal coin

Èñòî÷íèê: coinjournal.net

regulation innovation → Ðåçóëüòàòîâ: 81


Digital Currency Regulation Around the World

A conversation with Michelle Bond, Ripple’s Global Head of Government Relations  The entrance of Facebook’s Libra whitepaper has caught the world’s attention. While many look to the U.S. to help define a framework for digital assets and blockchain regulation, the question remains: Will policymakers strike the right balance between fostering innovation and protecting consumers? What … Continued The post Digital Currency Regulation Around the World appeared first on Ripple.

2019-8-9 23:00


Ôîòî:

Cryptocurrency Space Needs Room To Grow: SEC Commissioner

Speaking on the topic of cryptocurrency regulation, U. S. Securities and Exchange (SEC) Commissioner Hester Peirce says the crypto space requires some leeway for innovation. SEC Shouldn’t Stifle Cryptocurrency Innovation Speaking during the Bakkt Digital Asset Conference, ‘crypto mom,’ as Peirce is affectionately dubbed within the industry called on regulators to allow room for digital innovation.

2019-8-6 00:00


Ôîòî:

Washington State shouldn’t let blockchain regulation go to pot

Washington State recently passed SB5638, “recognizing the validity of distributed ledger technology,” to much fanfare in the local community, but the bill itself does little to position Washington as a hub of blockchain innovation and without quick and decisive action, we could very well be on a path to repeat the same mistakes made in […] The post Washington State shouldn’t let blockchain regulation go to pot appeared first on CryptoSlate.

2019-6-22 23:13


Ôîòî:

Yu Bao on the Blockchain Economy: Centralized Regulation in Conflict with “New Ecosystem”

China’s bustling blockchain efforts and the future of its digital economy were up for discussion in an interview with Yu Bao, conducted by SupChina, April 25, 2019. Bao is a prominent blockchain/crypto advocate with a huge tech background, he is also the founder of TokenMind, Blockchain 20 Forum, as well as innovation and investment center,Read MoreRead More.

2019-4-27 09:00


Ôîòî:

Op Ed: With Bitcoin, Anarchy Is the Point, Not the Problem

Last week, there was a panel at SXSW that was effectively a debate on the merits of permissioned blockchains versus permissionless systems like Bitcoin. I listened to the entire audio of the panel discussion, after Programming Bitcoin author Jimmy Song tweeted it out the other day, and I thought he did an awesome job of pointing out the key value proposition of Bitcoin and why it is not worth comparing to permissioned systems.

2019-3-23 17:29


HKEX Report Recommends Crypto Regulation Under Existing Legal Frameworks

The Hong Kong Stock Exchange (HKEX) has released a new report detailing why cryptocurrency and blockchain should come under new regulation based on existing regulatory frameworks. Drafted by the Chief China Economist’s Office and Innovation Lab at HKEX, the report recommends rethinking of the use of blockchain and artificial intelligence (AI) applications to come under […]

2018-10-22 21:38


Binance’s CEO and Team, attend Malta’s First Ever Blockchain Summit

The country of Malta is spearheading the regulation of cryptocurrencies and blockchain technology by being the first nation to issue clear legislation and/or guidelines on the industry. To promote the country as a hub for blockchain innovation, the first ever Delta Summit was held in Malta from the 3rd to the 5th of October this […] The post Binance’s CEO and Team, attend Malta’s First Ever Blockchain Summit appeared first on Ethereum World News.

2018-10-7 18:10


Ôîòî:

Malta To United Nations: Cryptocurrency Is ‘Inevitable Future Of Money’

The prime minister of Malta, Joseph Muscat, told the United Nations that cryptocurrency is “the inevitable future of money” on September 27 — reiterating his faith in Blockchain technology.   The ‘Blockchain Island’ Reveals Its Cards Speaking at the organization’s 73rd General Debate, Muscat, who has presided over Malta’s official pivot to become a so-called ‘Blockchain Island,’ championed digital innovation and its regulation.

2018-10-1 19:00


äàëüøå åùå 32 íîâîñòåé →

Ïàðòíåðû Currencies.ru



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

ECB Pushes For 2029 CBDC Launch — The Digital Euro Era Nears

European Central Bank officials kept a clear target this week: launch the digital euro in 2029. That goal was described as realistic by senior ECB figures, even as the bank said it will carry on with preparation work beyond the formal end of its current phase in October 2025.

BTC slips to $109k after Trump threatens 50% tariffs on EU

Bitcoin price fell to a low of $ 107,385 on Friday as stocks and crypto plummeted. BTC slipped alongside Wall Street after US President Donald Trump recommended a 50% tariff on European Union. Per Coinglass data, the total 24-hour liquidation spiked to more than $550 million.

Stripe adds support for crypto purchases for EU clients: report

Stripe has reportedly added support for Bitcoin and crypto purchases for its EU clients. Users can now buy crypto using Stripe-issued credit or debit cards. Stripe’s customers in the European Union can now purchase Bitcoin and other cryptocurrencies with credit or debit cards, according to a report by the Irish Independent.