- 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
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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
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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.