- Central Bank proposes not to wait for EU regulation to come into force
- And create a national crypto strategy
Bank of Norway (Norges Bank) addressed to the authorities with a request to evaluate the national strategy of crypto-regulation. They suggest considering whether the country should introduce its own regulations, or wait for the comprehensive MiCA laws recently approved by the European Union.
The central bank itself advocates the first option. That is, they want to form their own independent rules. The regulation will remain in effect until the EU legislation comes into force.
The report highlights the importance of starting immediately. This is due to the rapid growth of the cryptocurrency industry and possible risks.
Norges Bank’s report indicated that an independent regulatory regime would evaluate, among other things, the performance of DeFi, stablecoins and other assets that the EU has little regard for.
The central bank also pointed to potential gaps in international regulations.
“MiCA regulation involves a number of risky activities related to crypto assets. But their coverage is not exhaustive. Such targeted regulation does not take into account the risks associated with the latest technological developments and activities. Therefore, these rules can be circumvented through technological innovation.”
Norway’s National Crypto Strategy will help close such gaps. And also to establish cooperation between national authorities – not only financial, but also judicial, as well as consumer protection authorities.