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EU Watchdog Calls for Stricter Regulations to Safeguard Financial Stability in Crypto Sector

25 May 2023
in Latest News, News
Reading Time: 3 mins read
102 6
Home News Latest News

The European Systemic Risk Board (ESRB) issued a set of recommendations on May 25, 2023, aimed at preventing potential shocks in the crypto sector from endangering financial stability in the European Union (EU). 

ESRB’s recommendations include implementing rules for investment funds, exchanges, and other businesses dealing with cryptoassets, as well as establishing specific regulations for the largest players in the crypto sector.

One of the key concerns the ESRB spotlighted is the challenge of identifying investors in the crypto market. According to the organization, despite efforts by law enforcement and anti-money laundering authorities to implement technical solutions, anonymous usage of digital currencies is still a persistent issue. The design of distributed ledgers makes it difficult to prove ownership of tokens, as it requires a cryptographic signature.

The ESRB acknowledged the current non-systemic nature of the crypto market but highlighted the need for continued vigilance due to the sector’s historical exponential growth dynamics. The organization emphasized the potential for systemic risks to arise suddenly if the rapid growth trends observed in recent years persist.

These recommendations come in response to the turbulent 18 months experienced by the crypto market, which saw significant price fluctuations and the high-profile collapse of prominent platforms. Bitcoin, the most well-known cryptocurrency, witnessed a staggering 75% drop from its peak value during this period. Luna, another popular digital asset, crashed, and FTX, a once-prominent crypto exchange, also declared bankruptcy.

While the ESRB’s recommendations are not legally binding, they are expected to guide the EU’s forthcoming efforts to update its regulations governing cryptoasset markets, specifically the Markets in Crypto-Assets Regulation (MiCA). 

Meanwhile, the Markets in Crypto-Assets Act (MiCA) was approved by the European Parliament on April 20, 2023. The Act seeks to provide uniform rules for virtual currency at the EU level and grant virtual assets legal security. The legislation will establish guidelines for the management, operation, and governance of token issuers for digital assets.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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