EU announces crypto bill before end of 2020

The EU will take action to announce a new crypto law before the end of the year.

According to an IFC review, the European Commission completed its work on digital finance this fall and has explicitly mentioned cryptocurrencies in EU law.

Valdis Dombrovskis, Vice President of the European Union, said: "Uncertainty is a major factor in the development of the strong cryptocurrency market in the European Union," said Valdis Dombrovskis, Vice President of the European Union. according to international standard and European companies. "

In recent years, the European Commission has consulted with experts from across Europe to clarify the importance (including: assets) and framework of blockchain-based platforms.

Bruno Schneider-Le Saout, President of the European Federation of Block Technology, said: “We hope that this law will have an important history in Europe and that it will be adopted throughout the European Union for many years to come. .

He said the new rules would have significant legal implications for crypto assets that are not covered by existing EU financial services, the use of data sharing in financial services and the use of traditional financial resources. . In addition, crypto devices have been classified as an essentially equivalent 'financial device' as they are placed in a group of European and national legal instruments. EU Financial Economy.

Securitized token crypto assets also require strict legal definitions and standards. Lawmakers are required to create a 'sandbox' to study how tokens work on the blockchain.

Scheider-Le Saout also indicated that the promulgated laws contain detailed information on how to regulate the blockchain industry for numerous scams and money laundering.

One of the most important aspects of the bill is to create a market for crypto assets that can be sold in any country in the EU.

According to the European Commission news agency, the Commission's goal is to adopt the deal by the third quarter of 2020, but this could be delayed due to the new disease.