EU Offers A Single Market For Cryptocurrencies

At the end of 2020, the European Union (EU) Commission is due to complete its work on digital finance. As a result, cryptocurrency laws will be clearly defined that will help the sector flourish – now the lack of appropriate rules for regulating digital assets puts European companies at a disadvantage.

Note that the main technology behind cryptocurrency – blockchain – is supported by governments. The technology has found application in several sectors of the economy. Most recently, the blockchain was used in Russia when voting for amendments to the constitution.

After consultations with experts last year, the EU Commission identified several priorities set out in an “non-paper”. One is to differentiate between types of cryptocurrencies by setting identifiers to select simple tokens from stablecoins. Another is to amend on Markets in Financial Instruments Directive II (MiFID II Directive 2014/65 / EU).

The final implementation and adoption will be "historic" as they will provide satisfactory support for crypto assets for years to come, officials said.

Image courtesy of Lawyer Monthly