According to the statement made by the European Banking Authority, the cryptocurrency market does not yet pose a great risk when viewed at a macroeconomic level.
European Banking Authority (EBA); against risks in areas such as cyber security, crypto money and climate change. whether to follow a macroprudential policy should made statements regarding
According to the European Banking Authority, both the crypto money market is not big enough to take such a step yet, and there is no comprehensive legal regulation to make it possible to take such a step for cryptocurrencies.
In the statement of EBA, “Crypto-assets still represent a very small fraction of the overall financial system, and the link between crypto-assets and the traditional financial sector remains limited.” it said.
Established in 2011, the European Banking Authority works to ensure financial stability, transparency of the banking market and to protect investors.
The aim of macroprudential policies is to reduce the negative effects of systemic risks identified in a particular issue on the financial system and economy. For this purpose, some financial instruments and banking services limiting measures and upper limits can be brought.
EBA, conveying these statements in response to the questions posed by the European Commission, also stated that it will map the crypto money activities within the European Union and gave a regulation signal.