Eurosystem approves new supervisory frames for cryptodic services - regulation
Eurosystem approves new supervisory frames for cryptodic services - regulation
The currency authority of the euro area, the Eurosystem, has introduced a new framework for monitoring electronic payments, including services related to crypto-assets. The new rules will complement the upcoming EU regulations for cryptocurrencies and stable coins.
ECB strives for safe and efficient digital payments through improved supervision
After public consultations on this topic, the ECB council has passed a new supervisory framework for electronic payments. The document was published by the Eurosystem, which consists of the ECB and the national central banks of the EU member states that have introduced the common European currency.
According to an announcement of the ECB, the uniform framework replaces other regulations within the existing supervisory system of the Eurosystem for Payment Instruments and supplements its supervisory mechanisms for payment systems. The bank found that the framework as part of the efforts to make smooth payments on the old continent "should make the current and future mining ecosystem safer and more efficient".
The "Supervisory Breastfeeding of the Eurosystem for Electronic Payment Instruments, Systems and Clubs", also called "PISA", is used to supervise facilities that enable the use of payment cards, transfers, direct debits, e -money transfers and electronic wallets. The framework also applies to services that are linked to crypto-assets.
The latter category includes companies that facilitate the acceptance of cryptocurrencies by dealers through card payments, as well as providers of digital wallets that enable users to send, receive or pay crypto-assets via their products. Fabio Panta pisa frame will also cover digital payment. He commented:
The ecosystem for mass payments quickly develops quickly due to innovation and technological change. This requires a future -oriented approach to monitoring digital payment solutions.
The European Central Bank has pushed for rapid progress in global supervision in the area of digital payment transactions. "The internationally coordinated action must also be reinforced in the challenges of global digital payment solutions and stable coins," emphasized the high -ranking representative of the bank.
companies must adhere to new supervisory rules within a year
companies that are currently being supervised by the Eurosystem are expected to meet the recently adopted requirements by November 15, 2022. Other companies that are now subject to supervision have a grace period of one year after they have been informed about their updated obligations. All traditional and crypto service providers must submit self-ratings and keep in touch with the supervisory authorities.
The new supervisory frame of the Eurosystem replaces a number of other documents that were previously published by the ECB. The list includes the harmonized supervisory approach and the standards for payment instruments (PI standards), the security goals for e-money systems (EMSO), the supervisory framework for card payment systems, the supervisory frame for transfer systems and the supervisory frame for direct debit procedures.
The Eurosystem intends to work with other authorities when implementing PISA. The framework became the status of cryptocurrencies in the run-up to the upcoming regulations and the associated activities within the EU such as the markets for crypto-assets ( digital euro Target = "_ blank" href = "https://news.bitcoin.com/digital-euro-project-gets-going-as-as-Alches-investigation-phase/" Rel = "noopener"> Start the examination phase of the project at the beginning of this year.
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