The European Union needs to quickly adopt a bill on the regulation of MiCA cryptocurrencies, which will eliminate the risks to financial stability from the popularization of crypto assets. This is stated in the report on the results of the meeting of the European Council on Systemic Risks (ESRB).
"The emergence of new institutions and the use of new financial products, some of which have quickly gained popularity. In particular, crypto assets and stablecoins may pose risks to financial stability," the document says.
In response to the European Commission's call to work out the necessary changes in legislation, the ESRB will present an explanatory note in the coming weeks with an overview of the macroprudential system of the banking sector.
In particular, experts will answer the question of the adequacy of tools to mitigate systemic risks, including from cryptocurrencies, with an assessment of the need for their expansion.
The ESRB admitted that the measures should apply not only to traditional institutions, but also to bigtech and fintech companies.
Recall that on March 31, the Committee on Economic and Monetary Affairs of the European Parliament will vote on amendments to the regulations for the exchange of information between counterparties when transferring funds.