As reported by the portal Cointelegraph, the European Union would be planning to become the first major jurisdiction to regulate cryptocurrencies. Although some Member States of the Union such as Germany, France and Malta, have already designed national legislation in this field, what is sought is to integrate the rules under Community standards.
Currently, the European Commission has published a draft of the proposed regulation stating that the European Union will establish a new college of supervisors to oversee significant digital currencies. Likewise, another issue they seek to address is stablecoins, as regulators fear that they could destabilize the economy, especially if they become everyday use by billions of users.
In this way, the objective of the new rules is to provide legal certainty, supporting innovation and protecting consumers and investors, guaranteeing financial stability and integrity in the European market.