In its last public report The European Banking Authority (EBA) recommends conducting a comprehensive assessment of cryptocurrencies, exploring potential areas and ways of their application at the EU level. In 2019, the organization intends to develop unified templates to help competent authorities analyze companies working with virtual assets and better protect consumers from potential risks of their use..
The document says that in recent years there has been a rapid development of cryptocurrencies and DLT-based products, and blockchain technology has gone far beyond the financial sector. According to the EBA in the EU, this direction is relatively limited and does not pose a threat to the financial stability of the region..
However, due to the fact that some crypto assets and related activities do not fall within the scope of the current EU legislation (in terms of accounting and taxation), and may also be associated with a high level of risk, countries need to take measures to protect consumers, operating sustainability and integrity of the market at the national level. The Office recommends that the European Commission undertake further analysis to ensure consistency in accounting for cryptocurrencies.
The EBA will continue to monitor the need for any further action within its purview and stands ready to support the European Commission in analyzing issues related to cryptoassets. The Office will also oversee the application of legal regulations to individual organizations and individuals holding virtual currencies..
Although Japanese regulators have officially denied that they are currently considering crypto ETFs, legal cryptocurrencies have not become less popular in the country. We previously reported that in March 2019 financial giant Mizuho will launch a system of cashless payments based on cryptocurrency.
text: Ivan Malichenko, photo: sebgroup, i.l43.cdn-news30