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25 September 2020

European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft Law | Regulation Bitcoin News

European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft Law | Regulation Bitcoin News


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European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft Law.

The European Commission, the executive arm of the E.U., has drawn up regulation to tightly monitor cryptocurrencies it considers “significant”, including asset-backed stablecoins like Facebook’s libra.

The legislation will be tied to the level of risk posed by each crypto asset, with tougher requirements on issues such as supervision and obligations applied to what it calls “significant e-money tokens”.

For example, the Libra Association, issuers of libra, will have to become a credit institution or an electronic money institution under the supervision of the EBA, with assistance from national bodies.

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