European Banking Authority, crypto issued a law review on its assets and urged the entire European Commission to adopt new rules to enhance consumer protection.
European union Laws Triggering Manipulation, Says EBA
The European Union, called for stricter regulations in the industry, as the Union's main banking regulator the following year cryptocurrency units may be applying a new set of laws.
The European Banking Authority (EBA) has published its assessment of the feasibility and relevance of long-awaited EU law to crypto assets. The report, published on 9 January 2018, analyzed crypto assets and their use in the EU as well as the laws governing them.
According to the report, the crypto currencies are not currently regulated by the EBA, ie consumers in the EU are more prone to manipulation and fraud activities that have shaken the industry since its establishment.
Adam Farkas, general manager of EBA said:
Ere EBA's warnings about virtual currencies continue to apply to consumers and organizations. The EBA calls on the European Commission to assess whether regulatory action is necessary to achieve a common EU approach to crypto assets. E
EuropeanBanking Authority Want More Rules
The EBA is the Union's main banking authority and is responsible for ensuring the implementation of banking and other financial regulations in all EU member states. The European Commission, which constitutes all the EU legislation, will have a difficult year if it intends to comply with all the recommendations of the EBA.
In order to determine the action process that should be done at EU level, the EBA asked for a comprehensive cost-benefit analysis by the EBA.
The EBA report comes at a difficult time for the crypto industry, because it has also added EU pressure to the increasing state pressure on digital assets across the globe. According to the Financial Times, anti-money laundering task forces have long benefited from lack of inability to collect criminals.
In October 2018, the Financial Action Task Force (FATF) said it was the first priority of those aiming to launder money laundering in the crypto industry. The FATF also called on EU countries to increase their controls for crypto-currency exchanges and ICOs, as they are often high-crime areas.
The EBA called for a move by the European Commission to consider the FATF, which could have a significant impact on the sector as a whole. The massive sales, which started the current bear market, were triggered by concerns over increased regulatory scrutiny and the EBA report blockchain and questions about the impact on the crypto currency emerged.
Source: Cryptoslate