European regulators are all set to firm up rules on cryptocurrencies and ICOs across the EU. The European Banking Authority (EBA) has urged the European Commision to examine possibilities of unified crypto regulations in Europe. The EU financial laws, in their present form, do not cover crypto assets and the regulators have called for laws to protect investor interests.
The EBA has also advised the commission to consider the recommendations made by the Financial Action Task Force (FATF) in June 2018 on crypto regulations. In the meantime, EBA will keep a close watch on crypto dealings and related businesses.
In another report published by the European Securities and Markets Authority (ESMA), it advised the EU commission to use existing regulations to govern the cryptocurrency space. It also added that these regulations can evolve to work on the gaps.
Incidentally, India’s own RBI is also looking up to the Financial Stability Board (FSB) for guidance on cryptocurrency regulation in the country.