On 14 September 2020, a joint statement on stablecoins was released by the ministers of finance for Germany, France, Italy, Spain, and the Netherlands. The announcement comes ahead of the EU’s Digital Finance Strategy to be released later this month. It’s expected to cover crypto assets and stablecoins used for payments, following the consultation period, which started last December.
In response to the statement, European Commission EVP Valdis Dombrovskis noted the concerns of the ministers. “Rest assured that our legislative proposals will address those concerns comprehensively,” said Dombrovskis. But he continued: “Crypto assets provide many opportunities, and we want to regulate innovation in, not out.”
The joint statement stresses the importance of the framework to strengthen “Europe’s influence and consolidating its economic autonomy in the field of payments.” Above all, a stablecoin regulatory framework must prioritize preserving monetary sovereignty and protecting EU consumers. As always, any plans should adhere to GDPR privacy legislation and anti-money laundering/counter-terrorism financing (AML/CTF) requirements.
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