EBF response to the Commission consultation on crypto-assets
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Publication date: 3 April 2020

The European banks welcome the chance to engage with the European Commission on the issue of crypto-assets, reflecting an innovative aspect of the digital transformation in the financial sector.

• Banks recognizing the general potential of DLT technology, but are aware of related challenges and risks. The EBF supports the careful attention that EU institutions are paying to the risks of crypto-assets, e.g. in terms of implications for the monetary policy.
• The EBF likes to strongly emphasis the important principle of “same services, same risks, same rules” for regulatory activities targeting a crypto-assets ecosystem. The principle allows to mitigate risks appropriately, while incorporating new activities in the financial regulatory framework. It grants the flexibility required to make the framework future-prove.
• The EBF supports a technological neutral approach to provide clarity to the market regarding crypto-assets’ applicable regulatory requirements.
• The EBF calls upon regulators to ensure a necessary balance between innovation and proper protection of investors and consumers.
• The EBF highlights the importance of a level playing field regarding regulatory safeguards for crypto-assets, to be fostered by considerations of a pan-European approach rather than detrimental regulatory fragmentation across different countries.

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