A proposed regulation by the European Commission seeks to reduce risks to cryptocurrency investors and give legal certainty to agencies issuing the assets, according to CNBC. The legislation will minimize “market fragmentation”- Valdis Dombrovskis, European Commission Vice President.
- There will be tougher rules on firms issuing so-called “stablecoins.”
- New rules to have implications on libra, Facebook’s digital project announced last year.
- It may take more than one year before the proposals are implemented.
- Legislative process to take at least a year, depending on priority given by member states and European parliament.
- The latest proposal to be approved by EU governments, EU Parliament, and EU’s only directed-elected chamber
- Crypto-asset entities authored by one of 27 EU countries will provide its services in all other member states, under the proposed plan.
- EU not closing the doors to UK financing.
Bitcoin responding favorably to the proposed regulation plan. BTCUSD is up 4.00%