Leaked Documents of the European Commission Called for Cryptocurrencies!

Representative of the European Union, cryptocurrency He said tougher capital rules for banks that hold holdings need to be enacted quickly in the European Union’s pending banking law.

The global Basel Committee of banking regulators, one of the world’s major financial centers, bitcoin It had set the January 2025 deadline for the implementation of capital requirements for their exposure to cryptoassets.

European Commission Demands Accelerating Cryptocurrency Regulation in Unofficial Documents

“At the moment, banks have very low crypto-asset risks and only limited involvement in the provision of crypto-asset-related services,” the European Commission said in an unofficial discussion paper seen by Reuters.

According to the document, “banks have expressed interest in trading cryptoassets on behalf of their clients and providing crypto-asset-related services.”

The Basel Standards are enforced by law in the EU, and a delay could mean banks have to wait longer to enter the crypto market as separate EU rules for crypto-asset trading come into effect in 2024.

To enforce Basel’s crypto rules, the EU could propose a new law or expand the banking law it is currently completing, as requested by the European Parliament.

The document stated that Parliament and EU states have an equal say over banking law and will begin negotiating the final text, which could include provisions regarding cryptoassets.

The commission document stated that this would provide banks with clarity on their requirements for exposure to cryptoassets and ensure that the risks arising from them are adequately addressed.

“From an international perspective, this will also allow the EU to fully comply with the implementation deadline agreed at Basel level,” the document said.

*Not investment advice.