{"id":301078,"date":"2023-02-20T14:40:27","date_gmt":"2023-02-20T14:40:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=301078"},"modified":"2023-02-20T14:40:27","modified_gmt":"2023-02-20T14:40:27","slug":"eu-seeks-to-expedite-crypto-capital-laws","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/eu-seeks-to-expedite-crypto-capital-laws\/","title":{"rendered":"EU seeks to expedite crypto capital laws"},"content":{"rendered":"<p>The executive of the European Union (EU) has stated that if Europe wishes to meet a globally-agreed deadline, it must accelerate the implementation of stringent capital regulations for banks that hold crypto assets in the pending banking law.<\/p>\n<p>The Basel Committee \u2014 which consists of banking regulators from major financial centers across the world \u2014 has established a deadline of January 2025 for the adoption of capital requirements for banks that hold crypto assets \u2014 including Bitcoin and stablecoins, Reuters <a href=\"https:\/\/www.reuters.com\/markets\/europe\/eu-calls-fast-track-crypto-capital-rules-banks-2023-02-20\/\">reported<\/a> on Feb. 20.<\/p>\n<p>According to an informal discussion paper seen by Reuters:<\/p>\n<blockquote><p>&#8220;For the time being, banks have very low crypto-asset exposures and only a limited involvement in providing crypto-asset-related services. Banks have expressed interest in trading crypto-assets on behalf of their clients and to provide crypto-assets-related services. From an international perspective, it would also allow the EU to fully align itself with the implementation deadline agreed on at Basel level.&#8221;<\/p><\/blockquote>\n<p>The EU applies the standards of the Basel Committee through a law, and a postponement could result in banks having to defer their entry into the cryptocurrency market \u2014 as distinct EU <a href=\"http:\/\/To enforce Basel's crypto rules, the EU could either propose a new law, or expand the banking law it is now finalising as called for by the European Parliament. Parliament and EU states have equal say on the banking law and are due to start negotiating the final text, which could include the provisions on cryptoassets, the paper said. This would give banks clarity on their requirements for crypto-asset exposures and would ensure that risks stemming from these are adequately addressed, the Commission paper said.\">regulations<\/a> for trading crypto assets are set to take effect in 2024.<\/p>\n<p>The EU has two options to implement Basel's regulations for crypto:<\/p>\n<ul>\n<li>Introduce a new law.<\/li>\n<li>Expand the banking law that is currently being finalized, as per the recommendation of the European Parliament.<\/li>\n<\/ul>\n<p>Distinct proposed legislation will not be available until the end of 2023 at the earliest, according to the paper.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The executive of the European Union (EU) has stated that if Europe wishes to meet a globally-agreed deadline, it must accelerate the implementation of stringent capital regulations for banks that hold crypto assets in the pending banking law. The Basel Committee \u2014 which consists of banking regulators from major financial centers across the world \u2014 [&hellip;]<\/p>\n","protected":false},"author":1406,"featured_media":301087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EU seeks to expedite crypto capital laws<\/title>\n<meta name=\"description\" content=\"The European Union&#039;s pending banking law proposes a slew of tough new capital rules for banks holding crypto assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/eu-seeks-to-expedite-crypto-capital-laws\/\" \/>\n<meta property=\"og:locale\" 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