EC promised to introduce single rules for regulating crypto

by in Cryptocurrency News

regulation of crypto

The current Executive Vice President of the European Commission for Financial Services and Economics Valdis Dombrovskis promised, in the event of his re-election to this post, to introduce new rules for regulating the cryptocurrency industry. It is reported by Reuters.

According to him, in light of the threat posed by financial stability to the digital currency Libra from Facebook, Europe needs a unified approach to cryptocurrencies.

The new rules will, in particular, be aimed at protecting consumers and combating money laundering with the help of crypto assets.

Related: Ukraine adopted FATF rules for crypto market regulation

The current Executive Vice President also sees “great benefit” in transferring some of the oversight powers of the EC. However, he did not specify whether a new anti-money laundering body will be created or whether it is planned to expand the powers of existing departments.

Finally, the new composition of the EC will begin work on November 1 after approval by the European Parliament.

Recall, earlier EU Commissioner for Competition Margrethe Westager initiated an investigation into Libra.