ECB Says Patchy EU Crypto Regulations Raise Risks
— Money laundering directive, Investor protection, Pan, Banking supervisory board, National regulator, Proposing new rules, Regime, License, Shift, Registration — 1 min read
EU policymakers celebrated the agreement on the scope of the new crypto regulation that will govern this space in Europe for the years to come, MiCA. The new legislation will only be fully implemented 18 months after the text is published in the official journal of the European Union. The ECB is concerned that countries start providing crypto-related licenses to traditional banks when there is not yet a pan-European framework in place. The central bank is likely to raise the need for “harmonization” at a meeting of its supervisory board on Tuesday, July 5, according to the Financial Times. While the ECB is not part of the MiCA negotiations, member states are — and they can still propose amendments to the text or introduce new provisions. Source