EU Will Oblige Banks to Provide Data on Their Crypto Reserves

The European Commission has recently proposed a clause to be incorporated into the newly approved MiCA (EU Crypto Regulation) legislature, requiring the banking sector to make information public concerning reserves held in digital currencies.

This move is said to help protect the eurozone’s financial system from possible risks, with increased market transparency. Included in the requirements are all 27 countries of the Union that must adhere to the regulation of blockchain companies as well as banks that have recently ventured into the crypto space.

By 2022, many well-known credit institutions such as Santander and Crédit Agricole had already begun offering services for the purchase and storage of digital assets.

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