Featured Product

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    August 20, 2019

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets. EBA and ESMA welcome the EC work in response to the issues identified in the January 2019 reports on crypto-assets and initial coin offerings. The analysis and advice set out in these reports represent a comprehensive assessment of applicability and suitability of the current EU law to crypto-assets, including stablecoins, and raise important issues regarding consumer and investor protection, market integrity, and competitiveness of the EU single market. For these reasons, EBA and ESMA agree that it is vital that further work progresses with urgency, with the aim of informing potential actions by the new Commission.

    At the international level, EBA and ESMA staff are engaging with FSB, BCBS, FATF and CPMI-IOSCO. This engagement is intended to help inform a common approach at the international level on matters such as the prudential treatment of bank exposures to crypto-assets and the regulatory treatment of crypto-asset exchanges and trading platforms. At the EU level, EBA and ESMA will shortly launch a new stocktaking exercise of national regimes applicable to crypto-assets. This stocktaking exercise will include a specific block of questions on the regulatory treatment of stablecoins, in light of their increasing prominence, and is being prepared in coordination with EC staff.   

    The topic of stablecoins will also be discussed at the upcoming European Forum for Innovation Facilitators (EFIF) event in September, along with a range of other financial technologies subject to consideration or testing in innovation facilitators. The discussions at EFIF level are intended to enhance competent authorities’ capacity to understand the underlying technologies and their application in the financial sector and promote a common regulatory and supervisory approach. In progressing all this work, EBA, ESMA, and EC staff are working closely together and the staff should continue to have regular dialog to ensure fully coordinated and consistent positions on issues such as stablecoins and other types of crypto-assets.

     

    Related Links 

    Keywords: Europe, EU, Banking, Securities, Crypto Assets, Initial Coin Offerings, Stablecoins, Fintech, EC, EBA, ESMA

    Related Articles
    News

    CBUAE Issues Regulation for Low-Risk Specialized Banks

    CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.

    May 01, 2021 WebPage Regulatory News
    News

    APRA Proposes Guidance to Support Prudential Standard on Remuneration

    APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.

    April 30, 2021 WebPage Regulatory News
    News

    MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions

    MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.

    April 30, 2021 WebPage Regulatory News
    News

    PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules

    PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Launches Consultation on Interbank Offered Rate Transitions

    EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Seeks Feedback on Approach to Blockchain and Smart Contracts

    EIOPA published a discussion paper on uses cases of, and the European approach to, blockchain and smart contracts in the insurance sector.

    April 29, 2021 WebPage Regulatory News
    News

    HKMA Outlines Work Priorities for 2021, Grants License to NH Bank

    HKMA granted a banking license to NongHyup Bank (also NH Bank), which is incorporated in the Republic of Korea.

    April 29, 2021 WebPage Regulatory News
    News

    PRA Proposes Options for Regulatory Framework for Non-Systemic Banks

    PRA published a discussion paper that explores options for developing a simpler but resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.

    April 29, 2021 WebPage Regulatory News
    News

    ECB Issues Opinion on Proposal for Market Infrastructures Based on DLT

    ECB published an opinion on the proposal for a regulation on the pilot regime for market infrastructures based on distributed ledger technology.

    April 29, 2021 WebPage Regulatory News
    News

    EBA Proposes Standards to Determine Risk-Weight for Immovable Property

    EBA proposed regulatory technical standards that specify how to identify the appropriate risk-weights and conditions when assessing minimum loss given default (LGD) values for exposures secured by immovable property.

    April 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6920