Bitcoin Watch – EBA warns over regulating cryptocurrencies could constrain financial innovation

11 March, 2018

Speaking at the Copenhagen Business School on Friday 09-Mar-2018, the Chairman of the European Banking Authority (EBA) confirmed his belief that cryptocurrencies should not be placed under the regulations that apply to the traditional financial system, warning it might constrain financial innovation. Regarding the supervision of the Fintech industry, Andrea Enria said regulators need to maintain a “measured approach”, as the reverse would be a “sub-optimal solution”. Mr Enria advocates a “proportionate” and “less intense” approach in comparison to regulations applied to the banks, citing “lower potential for systemic risk” from the crypto sector.

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