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European Commission: does crypto need its own regulation?

Yesterday, after a high-level roundtable (“key authorities,” including central banks and supervisors) on the subject, Commission Vice-President Dombrovskis says that the EU is checking to see whether the existing legal framework regarding financial rules can appropriately handle cryptocurrencies and, based on the outcome of this probe, will determine whether new EU rules – which could include legislative proposals – need to be drafted.

The time frame Dombrovskis indicated for tabling such proposals would be end of this year, beginning of next year.

The Commission would weigh the results of the global G20 meeting – which has stong backing by France and Germany – in Buenos Aires next month, when making any future decisions.

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