The European Banking Authority (EBA) released a report on crypto-assets, where it recommends further research into the subject. The EBA plans to take forward multiple steps in relation to the crypto sector in 2019.
The EBA calls for the European Commission to see if there is a need for the EU-wide regulation framework.
“in this report the EBA advises the European Commission to carry out a cost/benefit analysis to assess, on a holistic basis, whether EU-level action is appropriate and feasible at this stage”
The stance towards cryptocurrency in the EU varies greatly from country to country. On one hand, we have places like Malta, which proclaimed itself the “Blockchain Island“, creating a friendly environment for crypto and blockchain-related firms. On the other, we have the likes of Poland, were the financial authorities actually paid for anti-cryptocurrency propaganda videos in the past.
The EBA’s report doesn’t bring a sense of urgency into the matter. It recommends “further analysis”, while announcing that it will take various “actions” in 2019. Some of those include “the assessment of business practices of institutions, payment institutions and electronic money institutions regarding crypto-asset advertisings” or “the development of a common monitoring template”.
The overall tone of the report does not make one feel that an EU-wide cryptocurrency regulation is coming anytime soon.
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