5 Reasons Why Norway Needs Crypto-Specific Regulations Now

5 Reasons Why Norway Needs Crypto-Specific Regulations Now

Norges Bank recommends a national strategy for crypto regulation in Norway, emphasizing the need for specific laws and the assessment of international regulatory solutions, according to a report released on Thursday.

The bank reveals lawmakers should benefit from existing regulations that cater to systemic danger and enforcement action for instance, likewise as stresses the need for cryptocurrency specific ones.

Norway should consider a national strategy for cryptocurrency regulation, stated Norges Bank, the country’s monetary authority, in a Thursday report.

Countries around the globe have been looking at the European Union’s Markets in Cryptocurrency Assets (MiCA) regulation, which is next to taking effect. MiCA may apply within the broader European Economic Area, but the monetary authority does not want to stop there: it believes there is a must further develop specific cryptocurrency regulations, the report said.

The collapse of crypto stablecoin issuer Terra (LUNA) and cryptocurrency exchange FTX Trading Ltd has likewise encouraged regulatory authorities to accelerates efforts to regulate the sector.

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“The Norwegian authorities should assess whether to proceed more quickly rather than wait for international regulatory solutions,” stated Norges Bank Deputy Governor Pål Longva in a public statement. “Norges Bank can contribute to such assessments and to regulation that promotes responsible innovation.”

MiCA applies to a range of service providers in the cryptocurrency market and covers market abuse, consumer safety, market integrity and financial stability but what it does not cover is “developments in (DeFi) as the regulation’s primary focus is on centralised market participants,” the monetary authority said.

Norges Bank reveals lawmakers should benefit from existing regulations that cater to systemic danger and enforcement actions for instance. The report stressed the need for cryptocurrency specific laws.

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Nonetheless, the monetary authority believes there is likewise a need for more knowledge around exposure, attitudes and applications of cryptocurrency in Norway. Norges Bank desires  to assist increase knowledge in this area, the report said.


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