7/4, 8:41 AM (Source: TeleTrader)
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EU countries shouldn't rush crypto regulation, ECB to say

The European Central Bank will issue a warning to Eurozone countries this week about national cryptocurrency regulations, the Financial Times reported on Monday. At the meeting of its supervisory on Tuesday, the ECB will discuss the emerging need for "harmonization" of the joint Eurozone approaches, a source said, calling the entire process "very challenging."

At the end of June, the ECB said that the new agreement on the markets in crypto-assets (MiCA) will "protect investors and preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector." However, the issue is that EU countries' regulatory frameworks are getting ahead of the MiCA, which may pose challenges for the oversight of the entire sector.

"With MiCA 18 months away, are you better to say, 'until it's in, do what you like, there's no regulation,' or are you better to try to get a handle on it," one of the regulators noted.

Baha Breaking News (BBN) / MM