The European Banking Authority (EBA) recommended further research on the topic of cryptocurrencies and will carry out a “series of activities” related to this sector in 2019. The agency informed in its latest report published on 9 January.
In a document that focuses on the “applicability and adequacy of European Union law on crypto-assets”, the EBA suggests that one should not be in a hurry to develop a new regulatory framework for this market. “Usually, cryptocurrencies do not constitute regulated services in the field of banking law, payments and e-money in the EU, and the risk for consumers is not at EU level,” the report reads. However, the EBA recommends that the European Commission “carry out further analyzes to establish an appropriate response at EU level.”
Union and cryptocurrencies
The EU’s wider position on cryptocurrencies is difficult to quantify. Various EU politicians and officials continue to present contradictory views on the subject. This week, influential Ardo Hansson described the crypto-assets as a “fairy tale” and predicts that in the future they will be termed “complete nonsense”.
However, the EBA intends to prepare and publish various documents on this subject to help authorities in individual Member States to follow up and change this market. The organization also stressed the need for transparency and adequate public warnings about the risks associated with cryptocurrencies.