European Commission plans to bring in new rules for crypto

Posted 08 October, 2019

The European Commission is preparing to introduce new common rules for regulating cryptocurrencies. European Commissioner Valdis Dombrovskis stated problems in the field of digital money, which are associated with “unfair competition, cybersecurity, and threats to financial stability” in regulating cryptocurrencies.

"Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this" - said the vice president of the European Commission

The European Commission also asked Facebook and the Libra Association to answer a number of questions regarding financial stability, money laundering and data security risks.

The organization had previously announced an investigation into Facebook’s Libra. A month ago, Valdis Dombrovskis announced that his EC had begun to create new methods for monitoring and controlling cryptocurrencies. He also noted that new methods provide new opportunities. Dombrovskis promised to classify crypto assets by the end of the year.

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09 October, 2019 10:23

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08 October, 2019 14:14

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