ECB Issues Three Reports in Effort To Pass Biggest Crypto Law in Europe

The ECB said crypto is increasingly threatening financial stability “Recent developments show that stablecoins are anything but stable, as exemplified by the crash of TerraUSD and the temporary de-pegging of Tether,” the report noted The European Central Bank is urging countries to act quickly on regulating the digital asset space as the industry poses increasing threats to financial stability. In three reports published Monday, the ECB called on policymakers and member states to pass the Markets in Crypto-Assets (MiCA) law, Europe’s first attempt at comprehensive policy around cryptocurrencies, ironed out in late June. The law needs “to be implemented urgently,”