Market Watchdogs Look Closer At EU Crypto Asset Rules

Law360, London (August 21, 2019, 4:24 PM BST) -- Europe’s financial watchdogs have said they will assess how member states plan to monitor "stablecoins" such as Facebook's proposed Libra currency after the European Commission raised questions about regulating crypto assets.

The European Banking Association and the European Securities and Markets Authority have written to the commission's vice-president to say they will review the legal frameworks used by European Union member states for monitoring such currencies.

Stablecoin is a term widely adopted by companies planning to launch alternative cryptocurrencies. The hope is that the coins — which can be linked to fiat currencies, an asset such as gold or even an...

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