EU Finance Commissioner Affirms New Rules For Crypto Projects

EU Finance Commissioner Affirms New Rules For Crypto Projects

Valdis Dombrovskis, the financial services commissioner of the European Union, said he intended to create a new regulatory framework for cryptocurrencies, particularly the Libra stablecoin of Facebook.

"Europe needs a common approach to crypto-assets like Libra. I plan to propose new legislation on this," said Dombrovskis in a confirmation hearing seeking reappointment with EU policymakers on Tuesday.

Since 2014, the former Latvian prime minister has been the European Commission's vice president for the euro and social dialogue. Between 2014 to 2019, he is one of the 28 Commissioners in the European Commission and has been responsible for financial stability, financial services, and EU capital markets.

Dombrovskis' statement comes amidst the European Commission's growing level of scrutiny over the Libra cryptocurrency initiative by Facebook.

The Financial Times reported on Monday that a questionnaire was sent to Facebook and the Libra Association by the commission last week asking them to tackle various issues related to financial stability, cash reserve, and privacy risks associated with Libra.

The questioning was, according to the report, part of Dombrovskis' move to investigate how the EU would permit or regulate crypto-initiatives such as Libra and whether new laws are needed. It said that when it comes to Libra, Dombrovskis has suggested that there is a "serious desire to act at an EU level."

Just last week, Paypal, one of the Libra Association's big-name supporters, officially withdrew from the campaign led by Facebook. Mastercard and VISA are reportedly reconsidering their involvement in the Libra Association.

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