European Banking Authority Calls for New Unified Legislation Regarding Crypto Assets

The European Banking Authority has published its assessment of laws regarding crypto assets and urged the European Commission to draw new pan-EU rules that would increase consumer protection. Current EU Laws Enable Manipulation, EBA Says The European Union could be implementing a new set of laws regarding cryptocurrencies in the following year, as the Union’s main banking regulator called for tighter regulations in the industry. The European Banking Authority (EBA) published its long-awaited assessment of the applicability and suitability of EU law to crypto-assets. The report, published on January 9, 2018, analyzed crypto assets and their use within the EU, as well as the pan-EU laws that govern them. According to the report, cryptocurrencies are currently not regulated by the EBA, meaning that consumers in the EU are more susceptible to manipulation and fraudulent activities that have plagued the industry since its conception. EBA’s executive director, Adam Farkas, said in…

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