The ECB Governing Council approved a new regulatory framework for oversight of electronic payments, which included assessments of the effectiveness and safety of wallets and services related to cryptocurrencies.
The Eurosystem structure for supervising electronic payment instruments, schemes and mechanisms (the PISA rules set) includes the assessment methodology and an exemptions policy.
According to the press release, the Eurosystem uses the new framework to supervise entities that provide and support the use of payment cards, credit transfers, direct debits, electronic transfers and electronic payment tokens.
PISA will also cover crypto-related services, including merchant acceptance of assets and the ability to send and receive via a digital wallet.
According to ECB Governing Council member Fabio Panetta, the retail payments ecosystem is evolving rapidly, driven by innovations and requires a new approach.
«The PISA framework will include digital payment tokens, such as stablecoins, alongside traditional payment instruments and schemes in which we have accumulated experience over many years», he noted.
Companies under the Eurosystem’s supervision are expected to comply with the new rules by 15 November 2022. Other firms will receive a one-year grace period from the date they are notified of the regulation by the agency.
The ECB deemed cryptocurrency-related risks to financial institutions as ‘limited’.
ECB President Christine Lagarde stated that some digital assets are used to launder money and finance ‘suspicious activity’.
Earlier she noted the threat to financial stability in the event of widespread use of stablecoins.
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