The EU will present a draft law on cryptocurrencies by the end of 2020

The European Union has announced that it is taking steps to draft and adopt a new draft law on crypts by the end of the year. The decision to publish the bill was made after the EU said it was making large-scale plans to reduce its regulatory framework

The new bill on cryptocurrencies in EU

The Union says that while the devastating coronavirus pandemic may be an obstacle, it hopes the proposals will be ready by the end of the third quarter. The reports claimed that the Commission was in lengthy negotiations with crypto experts across Europe to be able to develop what they call a “favorable legal field”.

The Commission has now stated that it has already considered three important aspects of the informal bill.

According to the Union, the first aspect concerns creating a legal definition of the term for all digital assets that will include stablecoins.

The second part will lead to the Union making major changes to its rules regarding firms that will be able to provide banking services to crypto traders and firms. And the third aspect, the Union will strive to create a secure space for blockchain-based industries and investments.