Europe postpones response to cryptocurrencies to end of year


The European Commission will assess whether new rules are needed against the “substantial speculation” of digital currencies, Commission vice-president Valdis Dombrovskis said on Monday (26 February).

Dombrovskis, who is in charge of financial services in the EU, said that “we don’t exclude moving ahead at EU level” if the bloc sees that there is not “clear response” at the international level to tackle the risks emerging from Bitcoin and the like.

The Latvian commissioner said that the executive would decide whether to act also based on the assessment by the European Supervisory Authorities of EU and national legislation to see if more rules are needed.

The ESAs are the EU regulators for banks, markets and institutional investors (insurance companies and pension funds).

The EU’s decision could come “later this year or earlier next year”, Dombrovskis told reporters after the conclusion of the first roundtable on cryptocurrencies held in Brussels.

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