Europe takes next step to subjugate cryptos

Rules, rules, rules. That is the solution according to Europe to get cryptos under supervision.

Of course you can’t. Make transactions that allow you to earn money, but without government supervision. Add to this the fact that those governments cannot levy tax on this and see new rules from the European Central Bank (ECB).

Europe is fed up with cryptos

The ECB is working to harmonize the regulatory framework for crypto activities and services in the EU. The regulator noted that several regulatory initiatives at European and international level are being finalized.

Last week, the institution set out its plan to harmonize the regulatory framework for crypto activities and services in the EU. The regulator explained that banks are increasingly considering offering crypto products and services, and it is the role of the ECB to “make sure they do this safely and properly”. The ECB described it as working closely with national regulators “to ensure a consistent approach and high standards across countries”.

New rules

The ECB said they are finalizing several regulatory initiatives at European and international level. Citing the crypto asset markets (MiCA) proposal to regulate the crypto sector in the EU. The ECB pointed out that crypto regulatory frameworks “differ quite widely” between EU countries. For example, certain crypto activities in Germany are subject to a banking license requirement. Several banks have requested permission to conduct crypto activities in the European country, the ECB said.

In this context, the ECB is taking steps to harmonize the assessment of license applications. ECB President Christine Lagarde said in June that “crypto assets and decentralized finance (defi) have the potential to pose real risks to financial stability.”