ECB needs 'globally coordinated regulatory action' on crypto, says official By Cointelegraph

ECB needs 'globally coordinated regulatory action' on crypto, says official

Cryptocurrency Apr 25, 2022 02:00PM ET

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ECB needs 'globally coordinated regulatory action' on crypto, says official

European Central Bank executive board member Fabio Panetta said lawmakers across the world must decide how to regulate cryptocurrencies based on potential risks.

In a written statement for a speech to Columbia University on Monday, Panetta said global policymakers had made some progress in addressing regulatory frameworks on digital assets, but “not swiftly enough to keep pace with the emerging challenges.” According to the ECB official, the world needs crypto regulated based on Anti-Money Laundering and Countering the Financing of Terrorism rules of the Financial Action Task Force, strengthening public disclosure and reporting on regulatory compliance from the industry, and setting up “strict transparency requirements” and “standards of conduct.”

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ECB needs 'globally coordinated regulatory action' on crypto, says official

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