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​The Banking Agency Advises European Commission to assess the common approach in digital currencies

2019-01-10 12:37 pm | Resource: News Section | No Views : 81

​The Banking Agency Advises European Commission to assess the common approach in digital currencies The European Banking Regulatory Authority (EBA), an EU regulatory agency, has published its assessment of the application of European Union law on digital currencies. The London-based agency recommends that the European Commission respond to regulatory risks such as money laundering.
The European Banking Commission (ECB), advising the European Commission to assess the common approach to digital currencies, is reviewing the application of current EU laws, payments, digital currencies, anti-money laundering laws to encrypted assets, And digital currency platforms, as well as related activities of credit institutions, investment companies, payment institutions and electronic financial institutions.
The current relatively low level of such activity in the European Union does not create a risk to financial stability. However, the Agency has also found that activities involving digital currencies usually fall outside the scope of EU banking and payment operations and the regulation of electronic funds. Raises risks for consumers, as it is addressed at the level of the European Union.
The report details further details, including that as a result of the evolution of responses at the national level, regulatory differences among European countries have begun to emerge. They fear these current risks to the level of playing in the field that the union is supposed to retain among its members. Need to review EU anti-money laundering legislation.
The European Banking Agency advises the European Commission to evaluate the co-encoded approach. After reviewing the report's findings, EBA has informed the European Commission of a comprehensive cost / benefit analysis to determine the action required at the EU level at this stage. The agency also advises the Commission to note the recommendations of the Financial Action Task Force October 2018, and take steps to enhance consistency in the processing of digital currency accounting, the banking regulator is also planning a number of steps in 2019, to strengthen the monitoring of enterprise activities and consumer disclosure practices.
The Executive Director of the Agency, Adam Varkas:
"EBA warnings to consumers and institutions on virtual currencies remain valid, and EBA calls on the European Commission to assess whether the regulatory action is required to achieve a common approach in the European Union for encryption assets, and that the EBA will continue to monitor market developments from a prudential and consumer perspective."

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