European Regulator Calls For Crypto Rules
A year ago, the Markets in Financial Instruments Directive II, commonly referred to as Mifid II, came into force. Mifid II’s aim was to enhance transparency and investor protection. One of the most high-profile requirements focused on how asset managers pay for the research used for investment decisions.
The European Banking Authority (EBA) is calling for standardized regulations for cryptocurrency operations within the EU. Europe’s banking watchdog believes such a move will eliminate unfair regulatory arbitrage while protecting investors across the bloc, Bitcoinist reports.
In a report published Tuesday, the EBA said that crypto asset-related activities do not currently fall under existing EU financial laws and, as these activities are “highly risky,” appropriate rules need to be put in place to protect investors.
Now the FATF is expected to issue guidance for international cryptocurrency regulation covering crypto exchanges, digital wallet providers and initial coin offerings (ICOs).
It is worth noting that back in November, the International Monetary Fund (IMF) said it plans to use its ongoing research and experimentation with blockchain as an “anchor” for its future policy on the technology.