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The EU will set up a new college of supervisors, including national and European authorities, to oversee “significant” digital currencies including Facebook’s Libra, according to the European Commission’s cryptocurrency draft proposal seen by EURACTIV.
The long-awaited regulation will address the high volatility of cryptocurrencies including Bitcoin, the most popular of these digital tokens, and the risks posed by systemic ones, like Libra.
With the 167-page draft text, expected to be presented in the coming weeks, the EU will become the first major jurisdiction to regulate cryptocurrencies.
I believe these regulations will have a large impact on the market. At first, lots of panic and fear will consume the crypto world as ICO’s, and scam tokens quickly become worthless as their shady CEO’s start exit scamming in order to avoid prosecutions by governmental watch dogs.
I think this will be great in the long term, although once announced in a few weeks, it could signal lots of panic selling. Be careful everyone. This leak is important because you’re getting the news a few weeks ahead of everyone else.
Source: medium.com/@cryptowhalex/leaked-draft-shows-european-union-set-to-be-first-major-jurisdiction-to-regulate-cryptocurrencies-c8e5c1bed062
The long-awaited regulation will address the high volatility of cryptocurrencies including Bitcoin, the most popular of these digital tokens, and the risks posed by systemic ones, like Libra.
With the 167-page draft text, expected to be presented in the coming weeks, the EU will become the first major jurisdiction to regulate cryptocurrencies.
I believe these regulations will have a large impact on the market. At first, lots of panic and fear will consume the crypto world as ICO’s, and scam tokens quickly become worthless as their shady CEO’s start exit scamming in order to avoid prosecutions by governmental watch dogs.
I think this will be great in the long term, although once announced in a few weeks, it could signal lots of panic selling. Be careful everyone. This leak is important because you’re getting the news a few weeks ahead of everyone else.
Source: medium.com/@cryptowhalex/leaked-draft-shows-european-union-set-to-be-first-major-jurisdiction-to-regulate-cryptocurrencies-c8e5c1bed062
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