European Regulator Mandates Comprehensive Cryptocurrency Coverage

EU's Insurance Regulator Wants 1,000 Crypto Assets to be Licensed

The European Insurance and Occupational Pensions Authority (EIOPA) has issued a proposal to license a minimum of 1,000 crypto assets in the European Union. The move aims to create a more comprehensive and standardized framework for the regulation of digital assets in the region.

According to a statement released by EIOPA, the proposal is designed to ensure that crypto assets are properly monitored and regulated, thereby protecting consumers and promoting financial stability. The authority is seeking feedback from stakeholders on the proposal, which is expected to be finalized in the coming months.

The proposal would require crypto asset service providers to obtain a license from EIOPA, which would involve meeting certain standards and requirements. This includes demonstrating a clear understanding of the crypto asset's underlying value, as well as its potential risks and benefits.

The move is seen as a significant step forward in the development of a comprehensive regulatory framework for crypto assets in the EU. It is expected to provide greater clarity and certainty for investors, consumers, and financial institutions alike.

The proposal has been welcomed by many in the crypto community, who see it as a positive step towards greater regulation and oversight. However, others have expressed concerns about the potential impact on the market, particularly in terms of the cost and bureaucracy associated with obtaining a license.

The proposal is open for public comment until March 2023, after which EIOPA will finalize the regulation and implement it across the EU. The move is expected to have far-reaching implications for the crypto industry, and will likely shape the direction of the market in the coming years.