EU Imposes Stricter And Extensive Crypto Regulations Banks
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European Union lawmakers have agreed to several changes, including stricter new requirements for banks dealing with crypto and digital assets. The European Parliament’s Economic and Monetary Affairs Committee has voted on the matter that will put these restrictions in place. This measure was taken to limit the number of unbacked loans with Bitcoin (BTC) and Ethereum (ETH) that lenders could hold in front of the European Commission. Cross-party compromises will require banks to hold more capital to protect customers against crypto losses. The legislation will bring the other outstanding components of the Basel III International Regulatory Framework into effect. Basel
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Banks would be allowed to hold 2% of capital in bitcoin, but required to have one euro in capital for every euro in cryptocurrency held. European Union lawmakers have voted to impose strict capital requirements on banks that hold cryptocurrencies, per a Reuters article. In an effort to “prevent instability…
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