EU to launch crypto-assets regime by 2024, EU documents say

Friday 25 September 2020 08:10 CET | News

The European Union aims to introduce new rules within four years to modernise cross-border payments using of blockchain and crypto assets like stablecoins, two EU documents showed.

Stablecoins leapt onto policymakers' agendas in 2019 when Facebook revealed plans for its Libra token. The European Commission is due to set out its strategy for encouraging greater use of digital finance.

Furthermore, as pandemic lockdowns showed the growing role of cashless payments, the EU wants a rapid shift to ‘instant’ payments generally. Instant payments are suitable for many uses beyond traditional credit transfers, for physical and online purchases, which are currently dominated by payment card schemes, the documents said.

Brussels also wants to make it easier to share data within the financial sector to encourage competition and a wider range of services. The EU executive will present a draft law to clarify how existing rules apply to crypto assets and set out new rules where there are gaps, the documents said.

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Keywords: stablecoins, cryptocurrency, blockchain, Libra token, instant payments, crypto assets, Europe
Categories: DeFi & Crypto & Web3
Countries: Europe
This article is part of category

DeFi & Crypto & Web3