Cryptoassets and big tech may soon face the kind of financial caps imposed on overheating housing markets, EU financial stability watchdogs suggested today. jackschickler reports.
European Union banks could face stricter limits on their crypto holdings to prevent the burgeoning market in virtual assets upending the financial system, the bloc’s financial-stability watchdog said.
The ESRB suggested that those tools should extend beyond banking into other institutions, including new financial technology players, and large companies such as Meta and Google.Markets in Crypto Assets Regulation In a November consultation that closed recently, the European Commission asked whether supervisors need extra powers to tackle the financial stability risks of crypto-based products and competitive pressures from the potential arrival of new fintech participants.
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