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Parliamentary questions
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10 January 2019
E-000115-19
Question for written answer E-000115-19
to the Commission
Rule 130
Ralph Packet (ECR)

 Subject:  EBA Report on crypto-assets
 Answer in writing 

On 9 January 2019, the European Banking Authority (EBA) published its ‘Report with advice for the European Commission on crypto-assets’. The report ‘concluded that the patchwork of different rules across the European Union covering crypto-assets could be exploited, and consumers could be failed by a lack of regulations’(1).

Does the Commission agree with the EBA’s analysis and the Financial Times’ conclusion, and if so, why?

In its report, the EBA recommends that the Commission:
Carry out a comprehensive cost/benefit analysis to determine what action is required at EU level;
Consider the Financial Action Task Force’s October 2018 recommendations regarding ‘virtual asset’ activities;
Take action where possible to promote consistency in the accounting treatment of crypto-assets.

In addition to the recently amended Anti-Money Laundering Directive, what measures has the Commission already taken, and which initiatives is it currently planning to take — in particular, in response to the EBA’s report — to minimise the possible negative impact of the lack of regulation in the field of crypto-assets on financial consumers?

(1)https://www.ft.com/content/cb03dd96-1378-11e9-a581-4ff78404524e?emailId=5c36c251b585a1000468b9e5&segmentId=488e9a50-190e-700c-cc1c-6a339da99cab

Last updated: 23 January 2019Legal notice