The European Union will need a more ‘’common approach’’ to regulating the crypto sector according to the finance commissioner Valdis Dombrovski and reportedly they will now focus mostly on this approach if he gets appointed for a second term. In the cryptonews today we read further on this subject.
Dombrovskis is now ready to change tactics and to pursue the creation of a well-defined framework for the crypto regulations within the European Union. During his speech before the European Parliament in Brussels, the finance commissioner highlighted the need for Europe to have a standardized system of crypto governance:
‘’Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this [cryptocurrencies].’’
Since the emergence of the global crypto industry, there have been many stakeholders that bemoaned the lack of attention that the EU had regarding regulations. The European Commission has stated on several occasions that they need a unified crypto regulatory paradigm across the region. Earlier this year, France urged the EU to establish a single regulatory framework based on the French model but some commentators stated that a more common approach across the EU will prevent the emergence of the regulatory arbitrage in the union.
For Dombrovskis, the EU’s crypto regulations have to focus on anti-money laundering policies and to focus more on the protection of the region’s financial stability. He suggested that the EU should launch a tool that will empower the EU to handle better crypto regulations. His changed stance is mainly because of the developing trend within the EU which spurred on by the emergence of Facebook’s crypto interest. Once the libra project got a release, the EU-wide crypto actions increased in intensity.
Dombrovski even noted that the Libra project is a threat to Europe’s financial stability as we read in the previous Libra news. The EU finance commissioner fears that Facebook’s massive user base will have damaging implications for the economy and the Euro within the region. Some countries including France and Germany have also expressed worries about Libra saying that they will block Facebook’s crypto in Europe in their own countries as well.
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“People see and hear about [Bitcoin] in their day-to-day lives, but most are not quite sure what it is. We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey.”The bill apparently requires crypto companies to disclose their terms and conditions for consumer accounts. As such, they will be protected by the Federal Deposit Insurance Cooperation (FDIC) as are traditional bank account holders. The US crypto regulation news also show that anyone applying would need to provide a schedule of fees and any information regarding the risks of investing in digital assets.
“With this legislation, consumers will be better-informed of the risks involved when investing in virtual currency.”This is what is new in the US crypto regulation news. What is important now is that with the introduction of a state-level licensing scheme, New Jersey would join its neighbor New York in requiring crypto firms to obtain special permission to operate - something that has been known as the BitLicense which the regulators in New York introduced in 2014.
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"A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment," the letter read.In the same letter, Chernyshenko said that the FSB insisted that some of the crypto-related proposals should be included in Russia's bill on digital financial assets, which is very likely to pass through the parliament this spring. If this occurs, we can see how Russia decides to ban cryptocurrencies. But before that, the FSB wants to identify all crypto owners in the country. For failure to comply with the upcoming law, the FSB is going to impose administrative and even criminal liability. While the FSB and the Bank of Russia reached an agreement on how to regulate crypto, the two departments would not concede on their intentions to independently influence the regulatory process. So far, the bank has not responded to the FSB proposals. What's also interesting in the altcoin news is that a BBC investigation from earlier this month showed that the FSB could be behind the disappearance of $450 million worth of crypto from an exchange platform. Meanwhile, the action on the market is the same and the market cap is at $280 billion while BTC's dominance is at 62.9%.
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