The European Union will establish new block and crypto rules within a few years to improve the availability of cross-border payments based on them, Reuters writes with reference to the documents in its possession.
The European Commission aims to establish a strategy that would promote the greater use of digital finance, while 78 percent of payments in the eurozone are still made in cash. The need for non-cash payments became particularly evident during the coronavirus pandemic, the publication said.
According to the authors' idea, it is necessary to present a bill explaining how the existing rules apply to crypto assets, as well as to establish new rules to eliminate possible gaps in regulation.
"By 2024, the EU should introduce a comprehensive regulatory framework that will allow for greater use of distributed registry technology and crypto assets in the financial sector. Among other things, it should provide answers to the risks associated with such technologies," the agency notes.
The new rules should be approved within four years so that consumers can start using financial services as soon as possible after identification and checks related to anti-money laundering, the document says.
"By 2024, the principles of passportization and universal licensing should apply in all regions with significant potential for digital finance," they write, adding that instant payment systems should become the "new norm" by the end of 2021.
Previously, there were details of what requirements under the new legislation the European Commission is going to impose on issuers of stablecoins.
Very Intersting.
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