EU Cryptocurrency Regulatory Draft Announcement Mandatory Pre-Approval at Issuance September 25, 12:09
The EU-European Union has announced plans to introduce strict regulations, such as requiring pre-approval when issuing cryptocurrency assets exchanged on the Internet.
The background is that there are concerns about security etc. over the crypto asset called "Libra" that Facebook plans to issue.
The European Commission, the EU's executive body, announced a draft regulation on crypto assets on the 24th.
According to this, the business operator is required to establish a physical base in the EU, submit a plan in advance before issuing it, and obtain the approval of the authorities of the member countries.
In addition, as for businesses that accumulate multiple currencies such as the euro to support crypto assets, it may have a significant impact on the financial market, so EU organizations that supervise banks and financial authorities in each country will supervise them. is.
The background of this regulation is that Facebook, a major IT company in the United States, has announced a plan to issue a crypto asset "Libra" that can be used for remittances across national borders.
Various concerns have been pointed out regarding "Libra", such as the possibility of misuse for money laundering by criminal organizations and the decline in the role of existing currencies such as the euro if it becomes widespread.
The EU wants to introduce comprehensive regulation by 2024, and the focus will be on whether this will lead to regulatory debate around the world.