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The European Banking Authority (EBA) has recommended further research on cryptocurrency and will carry out "a series of actions" relating to the sector in 2019. The agency stated it in its latest report published on 9 January.
In the document, which focuses on the applicability and the suitability of EU law to crypto-activity, the EBA has appeared unhurriedly on the development of new regulatory frameworks for the blockade.
"Typically, cryptographic activities are not regulated services in the banking, payment and electronic money sector of the EU and there are risks for consumers who are not addressed at EU level", reads a summary of the report.
"…[T]The EBA recommends that the European Commission carry out further analyzes to determine the appropriate response at the EU level. "
The wider EU position on cryptocurrency has been difficult to assess. Despite numerous reports on various aspects of the industry and its use, officials continue to present conflicting views in public.
This week, the policy maker of the European Central Bank, Ardo Hansson, described cryptocurrencies as a fairy tale and predicted that the future would turn them into "a complete load of nonsense".
The ABE states that it intends to issue documents to help Member State authorities to report financial assets more evenly. The organization also highlighted the need for transparency and adequate public warnings on the risks associated with cryptocurrency.
Regarding his future actions, the report states:
"The ABE will continue to review the need for further actions within its statutory powers and is ready to support the European Commission in relation to any further analysis of the issues arising from crypto-activity".
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