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EU rules to protect the financial system from risks stemming from cryptocurrencies contain a loophole that allows banks to circumvent some safeguards and should be fixed urgently, the European Central Bank's chief supervisor Andrea Enria said on Tuesday. The cryptocurrency market is starting to bounce back a year after the collapse of exchange FTX and other big players in 2022 crushed prices, tarnished the industry and prompted a regulatory crackdown. Enria listed a number of challenges for European financial watchdogs as they prepare to tackle the crypto market using newly approved EU and global regulation set by the Basel Committee on Banking Supervision (BCBS).

Claudia buchSusan fentonAndrea enriaFrancesco canepaBasel committee on banking supervisionBasel committeeEuropean central bankBanking supervisionCrypto asset regulationSupervisory boardReporting by francesco canepa