European Commission plans to tighten control over stablecoins

A draft of the law on the regulation of the cryptocurrency sector leaked online. The European Commission intends to bring all stablecoins pegged to the euro under the new regulation, which practically prohibits the release of such assets outside the EU.

On Saturday, speaking at a meeting of EU finance ministers in Berlin, European Commission Deputy Chairman Valdis Dombrovskis said that the regulator does not intend to ban the use of cryptocurrencies. On the contrary, in order to “make innovation possible”, the European Commission will prepare a draft law on the regulation of the cryptocurrency sector by the end of autumn.

Shortly before Dombrovskis’s speech, a document appeared on the Internet, which is allegedly a draft of the above-mentioned bill. Lucius Meisser, board member of Bitcoin Suisse cryptocurrency broker, was one of the first to draw attention to the leak. The authenticity of the draft was also confirmed by the German politician and MEP Sven Gigold.

The new bill, which “covers cryptoassets outside the current EU legislation, as well as e-money tokens”, was designed to prevent regulatory fragmentation that creates opportunities for fraudulent practices.

 

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