ECB extends oversight of electronic payments to digital wallets and crypto-assets

The European Central Bank (ECB) has approved a new oversight framework for electronic payments which will include coverage of stablecoins and other crypto-assets.

The new guideline document assesses the security and efficiency of electronic payments and will be used by the ECB to monitor companies that can either support the use of credit cards, credit cards, direct credit, e-money transfers, etc. and digital signage. , including electronic wallets.

The design also covers services related to cryptos, such as crypto-asset acquisition with clients in a paper-based system and the choice of sending, receiving, or receiving crypto assets payment of crypto-assets through an electronic wallet.

“The retail banking industry is growing rapidly due to technology and technological change. This requires a robust digital response system, “said ECD Executive Committee member Fabio Panetta. Global issues also need to be addressed to address the challenges posed by the globalization of fiscal and natural resources.

He said the new way to enforce EU policies comes on crypto-assets (including stablecoins) and international standards for global stability.

Companies controlled by the ECB are expected to comply with the new rules by November 2022. Some companies will have a grace period of one year from the time they are notified that they will be subject to new rules.

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