ECB: Banks Must Now Adhere to Basel Standards When Dealing with Cryptos

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The president of the European Central Bank, Christine Lagarde, has stressed that many EU residents lost their investments after the recent market crash.

According to her, to protect investors, it is necessary to develop a regulatory framework that will increase the transparency of transactions with digital assets.

The press service of the ECB has just urged banks working with cryptocurrencies to adhere to the standards developed by the Basel Committee on Banking Supervision, whose implementation in the euro area will be completed by January 1, 2025.

However, the regulator has called on banks to adhere to such standards now and has stressed that digital currencies are risky assets.