EU Plans to Ban Interests Payments Deposit in Stablecoins

EU Plans to Ban Interests Payments Deposit in Stablecoins

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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.

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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.

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