The European Union is considering passing a new regulatory and legislative framework around cryptocurrencies. In the meantime, stricter regulations are expected on various projects such as Libra and other stablecoins.
European Economy Commissioner Valdis Dobrotrovskis said his goal was to be able to create a regulatory framework that would allow new technologies around digital finance to dominate the new post-pandemic Europe.
The absence of a single regulatory framework and the certainty of legal proceedings are delaying Europe from becoming a mature cryptocurrency ecosystem. The new framework will include provisions on cryptocurrencies and digital assets that are currently outlawed and will try to collect and homogenize existing provisions in various European countries.
The aim of all the above actions is to reduce the risk for EU citizens as well as to create a stable framework for economic activity around this sector.