The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have issued a joint response to Valdis Dombrovskis’, Vice-President European Commission, letter on crypto-assets from 19 July 2019. setting out their work in this area. The Authorities will: continue to monitor market developments; engage with international bodies to develop common approaches to the prudential treatment of banks’ exposures to crypto-assets and the regulatory treatment of crypto-asset exchanges and trading platforms; and launch a new stocktaking exercise of national regimes applicable to crypto-assets. This stocktaking exercise will include a specific block of questions relating to the regulatory treatment of stablecoins in light of their increasing prominence and is being prepared in coordination with Commission staff.

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