The European Central Bank will this week warn eurozone countries of the dangers of national regulators getting ahead of pending EU cryptocurrency rules, highlighting the difficulties of introducing efficient oversight of the rapidly evolving “wild west” sector.
The European Commission last week agreed a sweeping package of standards for the crypto industry. But the central bank is concerned about a messy patchwork of national regulations governing the overlap between banks and crypto companies before the package’s full implementation 18 months after it is set to become law next year.
It will raise the urgent need for “harmonisation” at a meeting of its supervisory board on Tuesday, people familiar with the discussions said.
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