The European Commission formally proposes a regulatory framework for encrypted assets and stablecoins, suggesting the implementation of a "customized" mechanism

巴比特

特邀专栏作者

2020-09-25 17:20 (UTC+8)

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Crypto assets, especially stablecoins, have the potential for widespread adoption, the committee said.

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Crypto assets, especially stablecoins, have the potential for widespread adoption, the committee said.

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

, Author: Yogita Khatri, Compiler: Wendy, Published with permission.

Following a leaked draft proposal that went viral last week, today the European Commission (EC) formally proposed a regulatory framework for crypto assets and stablecoins.

Published on Thursday, the 168-page provisional draft proposal highlights the need for a “robust” legal framework that clearly defines the regulatory treatment of all crypto assets not covered by existing EU financial services legislation.

Crypto assets, especially stablecoins, have the potential for widespread adoption, the committee said. As such, they will be subject to "stricter requirements" in terms of capital, investor rights and regulation. The proposal is in line with the version leaked last week.

The European Commission today proposed a "tailor-made" mechanism for crypto-assets and stablecoins. The committee stated:

"By regulating the main activities related to crypto assets, the crypto asset customization mechanism will ensure a high level of protection for consumers and investors, as well as the integrity of the market."

The main activities mentioned here include crypto exchanges and wallet services.

“By imposing requirements (e.g. management, operational requirements) on major crypto asset service providers and issuers operating in the EU, the proposal may reduce instances of crypto asset fraud and theft.”

“The bespoke regime will include specific requirements for e-money tokens, large-value e-money tokens, asset tokens, and large-value asset tokens to address the potential risks these tokens pose to financial stability and monetary policy transmission. Finally , which will address market fragmentation caused by different policies across the EU."

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