ECB has set targets for cryptocurrency regulation

The regulator calls for common rules for operating in the digital assets market

27.04.2022 - 09:00

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What’s new? European Central Bank (ECB) Executive Board member Fabio Panetta has advocated for the implementation of global rules for regulating the crypto market. Speaking at Columbia University, Panetta identified four key tasks for developing new rules.

News on the ECB’s website

What measures have the ECB proposed? The first task should be to bring the crypto market to the standards of the global financial system, including the requirements of the Financial Action Task Force (FATF) and AML/CFT (anti-money laundering and countering the financing of terrorism). The second is to implement common taxation for all jurisdictions. The third is to tighten disclosure rules about crypto companies and regulatory reporting. The last task, according to Panetta, is to introduce strict transparency requirements and establish the standards of conduct for service providers to protect retail investors.

Panetta added that crypto assets threaten global financial stability and called on all regulatory authorities to act in a coordinated manner to ensure control over cryptocurrency activities.

What had happened before? In March, EU regulators warned users about the dangers of cryptocurrencies and advised investors to be wary of promises of quick or high returns.

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