Bank AI

Terra

Read

<p class="is-style-lead">In a recently published report, Norway&#8217;s central bank, Norges Bank, has put forth a proposal, urging policymakers to carefully consider the creation of a comprehensive national strategy for regulating cryptocurrencies.&nbsp;</p>



<p>The report emphasizes the importance of leveraging existing regulations that address risks and enforcement measures while highlighting the crucial need for tailored regulations.</p>



<h2 class="wp-block-heading" id="steps-towards-a-robust-framework">Steps towards a robust framework</h2>



<p>Following the collapse of crypto exchange FTX, which began with the crypto exchange Binance selling its FTT tokens for “risk management reasons”, and the collapse of the Terra (LUNA) crypto token earlier in the same year, countries around the world began recognizing that more stringent regulations were necessary. </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="How CRYPTO TAX Works in Scandinavia (CRYPTO TAX SIMPLY EXPLAINED)" width="1020" height="574" src="https://www.youtube.com/embed/Kg6o1MgmQuU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>With the EU’s MiCA regulations were recently approved, Norges Bank released a public statement stressing the critical role of lawmakers in leveraging these regulations, which address various aspects beyond systemic risk and enforcement and ensure a robust regulatory framework for the cryptocurrency industry.</p>



<blockquote class="wp-block-quote">
<p>“The Norwegian authorities should assess whether to proceed more quickly rather than wait for international regulatory solutions. Norges Bank can contribute to such assessments and to regulation that promotes responsible innovation.”</p>
<cite>Pål Longva, deputy governor.</cite></blockquote>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/you-have-every-right-to-do-bitcoin-desantis-says/" class="cn-block-related-link__link">
            ‘You have every right to do bitcoin,’ DeSantis says        </a>

    
</div>


<p>The central bank also made mention of the importance of enhancing understanding regarding exposure, attitudes, and applications of cryptocurrencies in Norway, with Norges Bank sharing their aim to contribute to the expansion of knowledge in this domain.</p>



<h2 class="wp-block-heading" id="worldwide-regulation">Worldwide regulation</h2>



<p>As the European Union&#8217;s Markets in Crypto Assets (MiCA) regulation draws closer to implementation, its impact is being felt on a global scale. While MiCA is poised to apply within the broader European Economic Area, Norway&#8217;s central bank is advocating for a broader scope. </p>



<p>In a recent report, Norges Bank emphasized the necessity of developing specific regulations tailored to the rapidly evolving cryptocurrency industry.</p>



<p>The international landscape is closely monitoring MiCA&#8217;s progress, with countries worldwide examining its provisions as a potential model for their own regulatory frameworks. </p>



<p>Although it is too early to say, Norway’s example may have the potential to promote more harmonized global regulations for cryptocurrencies, promoting worldwide adoption on a large scale.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/short-term-bitcoin-holders-dumping-coins-at-a-loss-report-reveals/" class="cn-block-related-link__link">
            Short-term bitcoin holders dumping coins at a loss, report reveals        </a>

    
</div>

Norges Bank urges nation to forge ahead with national crypto regulation

Table of Contents

crypto.news

Other articles published on May 25, 2023

Solana Foundation Integrates AI with ChatGPT Plugin

Binance Introduces NFT Loan Option

Introduction to automated crypto trading with Haru Invest

Adobe Supercharges Photoshop with Firefly Generative AI

Norges Bank Report Recommends Norway to Develop National Strategy for Crypto Regulation

Coinbase-supported motion counters Tornado Cash sanctions

Join our free newsletter for daily crypto updates!