| Norges Bank, Norway's central bank, has recently stated
that Norwegian authorities should not wait for European regulations or
potential global legislation on crypto assets to come into effect to
establish a national regulatory framework. The bank said Norway should move faster on crypto regulations than the rest of the world. - In the report, the central bank still underlined that an international regulatory framework is crucial.
- The
bank pointed out that the potential regulations would include ways of
managing the risks associated with decentralized finance (DeFi).
- The
report also proposed that the national framework could be valid until a
common European regulatory framework enters into force.
- In April, the European Parliament (EP), the legislative body of the European Union (EU), approved the first EU-wide crypto regulations, the Markets in Crypto Assets (MiCA), with a final vote after three years of development.
- Earlier in May, the regulation was also approved by the EU's Economic and Financial Affairs Council, which includes member states' finance ministers.
- The
MiCA's provisions related to stablecoins will come into effect as of
July 2024, while other aspects regarding the crypto asset service
providers will enter into force as of January 2025.
- Norway
is currently not among the 27 member states of the EU, though the new
EU-wide regulations are expected to apply to the country since it is a
member of the European Free Trade Association (EFTA).
- International securities watchdog, the International Organization of Securities Commissions (IOSCO), also recently proposed global standards for the crypto industry, marking the first global attempt to regulate crypto assets.
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