According to the report released following the meeting of the European Systemic Risk Board (ESRB), the European Union (EU) needs to quickly pass the MiCA cryptocurrency regulation bill, which will eliminate the risks to financial stability from the popularization of crypto assets. Per the document:
“The emergence of new institutions and the use of new financial products, some of which quickly caught on. In particular, crypto assets and stablecoins may pose risks to financial stability.”
The ESRB, in response to the call from the European Commission to work out the necessary changes in legislation, will submit an explanatory note in the next weeks with an overview of the macroprudential system of the banking sector.
Experts will try to give an answer to the question of the sufficiency of tools for mitigating systemic risks, including those associated with cryptocurrencies.