Letter To European Commission - Joint EBA ESMA Response On Crypto-Assets

Dear Vice-President Dombrovskis,

Thank you for your letter of 19 July on the subject of crypto-assets, including so-called ‘stablecoins’.

The EBA and ESMA welcome the European Commission work in response to the issues identified in our January 2019 reports on crypto-assets and ICOs.

The analysis and advice set out in those reports represents a comprehensive assessment of the applicability and suitability of current EU law to crypto-assets, including stablecoins, and raises important issues relating to consumer and investor protection, market integrity, and the competitiveness of the EU single market. For these reasons we agree that it is vital that further work progresses with urgency in order to inform potential actions by the new Commission.

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