The G20 summit held in June last year seemed to have brought in certain good tidings. Following this world event, the Financial Stability Board has given details how the EU and its member nations are regulating the cryptos. The regulators are in the particular countries, as well as the scope of their general oversight. In several instances, cryptocurrency assets are usually monitored by a number of regulators.
The European Union
The Financial Stability Board is a global body that recommends and monitors the international financial system. It has gone ahead to list four regulators of the cryptocurrency assets in the European Union. European Commission is the first in the list. Its main roles include preparing, planning, as well as proposing legislation. The legislation includes any crypto should it opt to make such legislations. The other role of the commission is also to supervise the effectiveness of the reforms in the whole financial market. It then responds to all the risks of the emerging financial stability.
The European Banking Authority
The European Banking Authority, EBA is another certified crypto regulator. The roles of this body includes undertaking frequent horizon-scans in regards to innovations services and products. The services even include those that are related to the cryptocurrencies. There is also the third regulator that is known as the European Insurance and Occupational Pensions Authority. The main role of this regulator is to oversee the developments of the virtual coins as well as the Initial Coin Offerings in the sector of insurance.
The European Countries Regulated
Apart from the European Union, France is another country that is regulated. Being a member of the FSB and G20, France has a total of four regulators. The first one is the Directorate General of the Treasury and Autorite des Marches Financiers, which is the security and markets authority of the country. The FSB went ahead to point out that Banque de France monitors the entire financial market and make sure that there is a smooth operation of the market infrastructure and payment systems.
Germany Is Also On The Line
The Federal Financial Supervisory Authority –Bafin is another body that oversee the enforcement and licensing actions of all the cryptocurrency-related businesses. Apart from Bafin, the other regulator in Germany is known as Deutsche Bundesbank. This is the country’s central bank and works with Bafin to regulate and supervise all the country’s financial activities. The bank also has the responsibility of assessing the implications of all the cryptocurrency assets from the payment system monitoring perspectives. It also deals with the monetary policies.
Italy Is Not Left Behind
Italy has a total of five crypto regulators. All the cryptocurrency-related decision processes are contributed by the country’s Ministry of Economy and Finance. It works at the European Union level. It has been able to establish all the legal frameworks that are meant to prevent their application for illegal purposes. Banca d’Italia, the country’s central bank also works to ensure there is a smooth functioning of the whole payment system.