The European Union must move swiftly to adopt the MiCA regulation on crypto-assets, which will mitigate risks to financial stability from the spread of crypto-assets. This is stated in the report following the meeting of the European Systemic Risk Board (ESRB).
“The emergence of new institutions and the use of new financial products, some of which have rapidly gained popularity. In particular, crypto assets and stablecoins may pose risks to financial stability.”, the document states.
In response to the European Commission’s call to work out the necessary changes in legislation, the ESRB will in the coming weeks publish a briefing note with an overview of the macroprudential framework of the banking sector.
In particular, the experts will address the sufficiency of the tools to mitigate systemic risks, including from cryptocurrencies, with an assessment of the need to broaden them.
The ESRB suggested that the measures should apply not only to traditional institutions but also to big tech and fintech companies.
Earlier, on 31 March, the ECON Committee of the European Parliament will vote on amendments to the regime governing information sharing between counterparties in transfers.
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