Crypto Firms That Act Like Banks Should Be Regulated Like Them, ECB Official Says
Summary
European Central Bank (ECB) board supervisor Andrea Enria has stated that if crypto firms adopt banking functions, they should be subject to similar regulation. This may prove challenging due to services provided by cryptos closely mimicking those of traditional banking and because of the "deterritorialization" of many crypto entities, like Binance. Enria also highlighted issues with the lack of clear issuing agency for many cryptocurrencies and the opacity of many crypto companies. The European Union is currently grappling with the issue of regulating virtual assets as it considers legislation for a digital euro.
