Reuters: EU will fully regulate cryptocurrencies by 2024

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.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts

PayPal Customers Are Now Allowed To Use Cryptocurrency To Make Payments To Merchants Worldwide


Bitcoin Recovers $56,000: ETH Recovers $1,700 (Observed Over The Weekend)


Vladimir Putin: "we need to stop illegal transactions with digital assets"


Coinbase exchange valued at $ 943 million in preparation for direct listing on Nasdaq

Sign up for our newsletter and stay informed

0 0 votes
Page Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x