A new report published January 9 by the European Banking Authority (EBA) has recommended further research into cryptocurrency and is calling for a number of actions to be carried out in the cryptocurrency sector throughout 2019.
The report delves into the standardization of regulations pertaining to cryptocurrency businesses operating within the European Union, and the EBA believes this is a much-needed move to eliminate unfair regulatory arbitrage and protect investors.
“Applicability and Suitability of European Union Law to Crypto-Assets”
In the newly-released document, Europe’s banking watchdog (EBA) admits that cryptocurrency and crypto-related businesses do not fall under the European Union law.
As stated in the document’s summary:
Typically, crypto-asset activities do not constitute regulated services within the scope of EU banking, payments, and electronic money law, and risks exist for consumers that are not addressed at the EU level.
Now that the EBA has…