European Commission is set to bring new stringent cryptocurrency regulations

Governments and regulatory bodies all around the world are proposing regulations to control crypto-assets and Stablecoins. European Commission is not far behind. A draft was leaked last week, and it quickly went viral. What was in this draft? This 168-page document strongly suggests the need for airtight crypto-asset regulatory frameworks, especially for those that are not covered by EU financial service regulations.

According to the European Commission’s findings, Stablecoins will be widely accepted as a payment method, hence the need for stringent rules, especially for exchanges and wallets. This is required to minimize risks like thefts and frauds.

EC also proposed a sandbox where companies can test Blockchain solutions to be used for trade and settlement issues. This is all included within the new Digital Finance Package, adopted by the Commission. The purpose will increase this market’s competitiveness and innovation. Also, it will provide a lot of options to consumers, aside from offering stability and security.