EddieJayonCrypto
3 Jan 24
The EU is investigating links and funding between sectors, which is bringing crypto under scrutiny and may hinder its growth in the region. The European Banking Authority is heightening scrutiny on links between banks and other financial firms, as well as working with other regulatory bodies to unde...
The EU is investigating links and funding between sectors, which is bringing crypto under scrutiny and may hinder its growth in the region. The European Banking Authority is heightening scrutiny on links between banks and other financial firms, as well as working with other regulatory bodies to understand how shadow banking shock affects the wider financial system. Indirect links to banks, such as the impact of a sharp fall in the value of assets held by non-bank financial institutions, are also being targeted. The European Central Bank's chief supervisor has warned of a loophole in EU rules to protect the financial system from risks stemming from cryptocurrencies.
With the crypto industry awaiting Markets in Crypto Assets Regulation (MiCA) and crypto exchanges and companies expanding to the EU region, a new probe by EU regulators may hinder crypto growth in the region. European Banking Authority (EBA) Chair José Manuel Campa said regulators would investigate funding and other links between sectors, bringing crypto in the crosshairs. He expressed concerns on crypto being out of regulators’ reach.
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