Leading up to the G20 summit in June, the Financial Stability Board has detailed how the European Union and its member countries are regulating crypto assets, who the regulators are in each country and the scope of their oversight. In most cases, crypto assets are overseen by several regulators.
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The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has listed four regulators for crypto assets in the European Union (EU).
The first is the European Commission which is responsible for planning, preparing, and proposing legislation, including any on cryptocurrency if it “decides to propose such legislation,” the Board clarified. The Commission also monitors the effectiveness of financial sector reforms and responds to emerging financial stability risks.
Another regulator is the European Banking Authority (EBA) whose functions include carrying…