European countries call for EU stablecoin regulation


© Reuters.

BERLIN (Reuters) – Germany, France, Italy, Spain and the Netherlands on Friday backed the European Commission’s goal to draw up regulation for asset-backed crypto assets such as stablecoins, according to a draft joint statement seen by Reuters.

The five countries said in the statement that no global asset-backed crypto-asset arrangement should be allowed to operate in the European Union until the legal, regulatory and oversight challenges have been addressed.

They said they looked forward to the commission’s proposals on regulating crypto-assets later this month.

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