The European Commission will take over the regulation of stablecoins and their issuers
Vice-President of the European Commission Valdis Dombrovskis said that the issue of strengthening control of the stablecoin market will be resolved in future legislation.
On Friday, finance ministers of Germany, France, Italy, Spain and the Netherlands expressed their concerns about the risks posed by the impact of stablecoins on the financial stability and monetary sovereignty of the EU. In an effort to allay the fears of officials, Valdis Dombrovskis organized a press conference at which he announced that provisions on the regulation of stablecoins and their issuers would be added to the next legislative proposals.
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According to him, although the current regulations do not take into account the control of risks associated with payments using stable coins, this issue will be fully resolved in the near future. While adding that the European Commission will act in a balanced manner and regulate innovation from the inside and not from the outside, since crypto assets offer a lot of opportunities.
The framework for control under development is expected to include regulation of digital assets, both at the state level and at the EU level.