Latest news with #EuropeanSecuritiesandMarketsAuthority
Yahoo
01-04-2025
- Business
- Yahoo
U.S. Openness to Crypto Could Raise Risk Levels in TradFi, European Regulators Say
The U.S.' crypto-friendly stance could increase the level of risk in financial markets by deepening the connections between traditional finance (TradFi) and the digital asset economy, according to regulator the European Securities and Markets Authority. "This crypto-friendly stance has the potential to accelerate crypto adoption, including by institutional investors," a spokesperson for the European Union's financial markets regulator said in an interview. "This would in turn increase interconnectedness and, failing relevant safeguards, risks of negative spillover effects between crypto and traditional markets." Since becoming president on Jan. 20, Donald Trump has ordered his administration to set up a bitcoin reserve and urged it to establish crypto friendly policies. The crypto market had already reacted positively to Trump's election victory in November, and bitcoin (BTC) climbed to a record high around $109,000 on the day he was sworn in, CoinDesk data showed. In a joint report published Monday, ESMA, the European Banking Authority and the European Insurance and Occupational Pensions Authority identified "volatile crypto-asset valuations, driven by expectations of U.S. deregulatory policy agenda; increasing interconnections to traditional financial markets," as a key driver in financial markets. Separately, Piero Cipollone, an executive board member of the European Central Bank urged for a digital euro, an ECB-backed digital version of the single currency, to substitute for crypto assets, which he described as being "highly volatile and speculative in nature." "Furthermore, the United States' push to maintain the dollar's global dominance through the promotion of stablecoins worldwide presents its own set of challenges," he said.
Bloomberg
11-03-2025
- Business
- Bloomberg
Bybit Hack Prompts EU Scrutiny of OKX Platform Used by Thieves
European crypto regulators are scrutinizing the use of a service offered by OKX, one of the largest digital-asset exchanges, by hackers to launder proceeds from a $1.5 billion heist on trading platform Bybit, people with knowledge of the matter said. National watchdogs from the European Union's 27 member states discussed the issue at a meeting hosted by the European Securities and Markets Authority 's Digital Finance Standing Committee on March 6, the people said, asking not to be named because the deliberations are confidential. OKX is subject to the EU's new Markets in Cryptoassets, or MiCA, regulations.
Bloomberg
27-01-2025
- Business
- Bloomberg
UK Set to Make T+1 Switch in 2027 in Tandem With Europe
The taskforce spearheading the UK's shift to a faster trading regime is recommending the same transition date as the European Union, teeing up a coordinated move favored by the finance industry. The UK should switch to a one-day settlement cycle known as T+1 on Oct. 11 2027, according to Andrew Douglas, chair of the government-appointed team advising on the transition. That's the same date that the European Securities and Markets Authority has recommended, though formal political approval is still required in both jurisdictions.
