European UnionA consensus was reached on new bank capital legislation, after lawmakers’ effort to keep crypto away from traditional finance.
The development of the crypto market is tightening the moves of countries against this sector. European Union has enacted crypto regulation in the past months. MiCA, accepted by 27 countries, is the first crypto regulation to receive legal status.
However Europe union Lawmakers in . In this context, an agreement was reached on a new legislation in the European Union.
European Union Can Protect Traditional Finance
Many lawmakers in the European Union (EU) were demanding prohibitive measures to prevent crypto from infecting traditional finance. Following the consultation of lawmakers on crypto and traditional finance, new bank capital legislation has been agreed upon. This agreement is scheduled to be presented to parliament and passed for approval.
This agreement made European Parliamentof Economic And Monetary WorksIt was announced with a tweet from the committee. of banksThe agreement, which focused on many controversial issues, including methods for assessing the risks of corporate and home loans, was to be enacted. It will be presented at the European Council.
This compromise EU Council It must be ratified by member states and their lawmakers. However, the process is expected to take months.
Moreover, Basel Committee on Banking Supervision’International regulators in the U.S. are working on a cryptobanking rulebook that will apply globally.
