According to Reuters, by 2024 the European Union plans to fully use the opportunity of cryptocurrencies and blockchain, which means that a comprehensive legal framework will need to be developed for these industries.
According to internal documents leaked to Reuters, the EU plans to use blockchain and digital assets for international payments. The EU’s executive branch will present a bill clarifying how the current regulations should apply to cryptoassets, as well as introducing new rules to close the gaps in the legislation.
“By 2024, the EU must create a comprehensive framework to enable distributed ledger technology and cryptoassets in the financial sector. It must also take into account the risks associated with these technologies, ”the document says.
In addition, Brussels also plans to simplify data exchange in the financial sector to stimulate competition and the development of a wider range of services, according to Reuters. At the same time, the EU is going to adhere to the principle of “the same risk, the same rules, the same regulation” for companies from different countries of the European Union.
78% of payments in the EU are made with cash, and the authorities hope to make digital payments more popular. Instant payment systems should become the “norm” by the end of 2021.
“By 2024, we need to implement the principle of“ one window ”to obtain licenses for all areas with significant potential for digital finance,” the document says.
Recently, the European Markets for Crypto-Assets (MiCA) bill hit the Internet . It mainly focuses on the issuance and circulation of stablecoins in the European Union, which are defined as asset-linked tokens or electronic money tokens.