EU Plans to Ban Interests Payments Deposit in Stablecoins

June 27, 2022

Reading Time: 2 minutes

According to a tweet by Patrick Hansen, head of strategy at DeFi at Unstoppable Finance, the European Union is looking to ban cryptocurrency platforms from charging interest on the deposits of stablecoins. 

In his tweet, lawmakers will set high regulatory requirements for issuers of all types of stablecoins, without the exemption of algorithm coins.

This decision will however be announced on June 30 at a meeting of representatives from the European Parliament, the European Commission, and the Council of the European Union.

The meeting itself will be the last in a series of sessions on the MiCA (Markets in Crypto-Assets) bill on the regulation of cryptocurrencies. The main issues have already passed all stages of agreement, and only minor points remain to be clarified, according to Hansen. He noted that the EU Commission is also ready to introduce rules governing NFT tokens too. The aim is to protect consumers by requiring NFT platforms to obtain special licenses.

Cryptocurrency is increasingly becoming the center of discussion among world leaders when it comes to improving the global financial system, and may eventually be considered, and clearly, the space will keep attracting people across the globe.

Hone your trading skills now to be miles ahead of others in the space with MyCryptoParadise Binance, Kucoin, and Bybit ParadiseFamilyVIP membership.

Use the promo code PRO20% for your special 20% discount. You will get the proper strategies of trading and portfolio management skills, a successful trading mindset as well as the psychology of trading to stay healthy throughout the current market conditions. Hurry now as this promo will soon be expiring.

See reviews from our clients

Bitcoin Ban is Not Under Consideration Yet

Hitherto, experts affirmed that the Bitcoin ban is not under consideration by the EU, however, the European Union is planning to introduce special conditions for each digital asset.

The DeFi industry is also currently not being considered, but the European Commission plans to announce a separate report on the topic and will launch a pilot project to oversee DeFi next year.

Earlier this year, the European Union Parliament ratified new anti-money laundering provisions in a related bill that would have a new body whose task list includes monitoring cryptocurrency transactions. The bill not only banned anonymous cryptocurrency transactions but also required large cryptocurrency companies to register their business in the continent and obtain a license.

Be part of the thriving crypto community today by joining MyCryptoParadiseVIP membership, use promo code PRO20% for your 20% discount; there will be a personal trading expert to assist you in all your trades.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Start earning profit

We aim to provide our ParadiseMembers with as much information as we can to ensure to maximize long-term profit, no matter if we are in a bullish or bearish market. We are a large scale cryptocurrency community providing you with access to some of the most exclusive life changing cryptocurrency signals, analysis, guidance and much more

Trade crypto like a pro

Related Posts…