European Union Reaches Consensus on Banking Regulations: Averting Crypto Avoidance

  • The European Union has reached an agreement on new banking capital legislation following lawmakers’ efforts to keep cryptocurrency separate from traditional finance.
  • Many EU lawmakers have been advocating for prohibitive measures to prevent the infiltration of cryptocurrency into traditional finance.
  • The agreement, which covers various contentious issues including the methods banks use to assess the risks of corporate and housing loans, will be presented to the EU Council for legislation.

European Union Moves to Protect Traditional Finance from Cryptocurrency

Following concerted efforts by lawmakers to keep cryptocurrency separate from traditional finance, the European Union has reached a consensus on new banking capital legislation. This move is seen as a response to the growing influence of the cryptocurrency market, which has led to increased regulatory measures by countries.

Legislation to Prevent Crypto Infiltration

Many lawmakers in the European Union have been advocating for prohibitive measures to prevent the infiltration of cryptocurrency into traditional finance. These efforts have culminated in an agreement on new banking capital legislation, which is expected to be presented to the parliament for approval. The legislation covers various contentious issues, including the methods banks use to assess the risks of corporate and housing loans.

Announcement of the Agreement

The agreement was announced via a tweet from the Economic and Monetary Affairs Committee of the European Parliament. It is set to be presented to the EU Council for legislation, where it will need to be approved by member states and lawmakers. However, this process is expected to take several months. In addition to this, international regulators in the Basel Banking Supervision Committee are working on a crypto banking rule book that will be applicable globally.

First Legal Crypto Regulation

The European Union had previously legislated crypto regulation a few months ago, with the MiCA being accepted by 27 countries and becoming the first crypto regulation to gain legal status. This new agreement on banking capital legislation is another step towards stricter regulation of the crypto sector in the European Union.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Federal Reserve Dot Plot Shift: Most Officials Now Forecast 75bp of 2025 Cuts — What This Means for the US Dollar (USD)

The Federal Reserve dot plot displays divergent expectations among...

BlockBeats: Trump-Backed Fed Nominee Michelle Opposes FOMC Decision, Urges 50bps Cut — What It Means for Bitcoin

COINOTAG News reported on September 18 that, according to...

FED LOWERS RATES 25 BPS

FED LOWERS RATES 25 BPS

BlackRock Receives 293.6 BTC ($34M) and Deposits 4,538 ETH to Coinbase Prime — LookIntoChain (Sept 18)

According to COINOTAG on September 18, monitoring by LookIntoChain...

Defiance Files SEC Application for Bitcoin Basis-Trading ETF Targeting Spot-to-Futures Spread

Defiance has submitted an application with the U.S. Securities...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img