Facebook’s Libra falls into ‘big gap’ in EU rules: regulator

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September 5 2019

Facebook’s proposed Libra cryptocurrency falls into a “big gap” in European Union financial regulation at a time when the bloc’s ability to tackle money laundering is already stretched, a top EU regulator said on Thursday.

Jose Manuel Campa, chair of the European Banking Authority (EBA) said it was necessary to “keep an eye” on cryptoassets like Libra. The watchdog had issued investor warnings before Libra was even mooted that cryptoassets could be channels for money laundering activities, he said.