ECB extends PISA framework to cover crypto and electronic wallets

Nov 22, 2021 | The Block News | 0 comments


The governing council of the European Central Bank (ECB) has approved the expansion of the ECB’s electronic payment oversight to cover crypto transfers and other digital payment tokens.

According to a press release issued by the ECB on Monday, the new policy is part of a revamped Eurosystem electronic payment instruments, schemes and arrangement (PISA) framework by the central bank.

The ECB plans to use the new PISA framework to oversee the activities of companies in the electronic payment arena with a focus on market segments such as e-money transfers, digital payment tokens, and electronic wallets among others.

“The PISA framework will also cover crypto-asset-related services, such as the acceptance of crypto-assets by merchants within a card payment scheme and the option to send, receive or pay with crypto-assets via an electronic wallet,” the announcement stated.

Today’s announcement comes as payment giants like Mastercard and Visa are accelerating the proliferation of stablecoin-linked credit and debit cards.

As part of Monday’s press release, the ECB stated that the new policy was in tandem with the future European Union regulations on stablecoins and cryptocurrencies in general.

The ECB also advised companies that already fall under the Eurosystem regulatory ambit to ensure compliance with the new rules by November 15, 2022.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from

Related Articles

BREAKING: Square rebrands to Block as focus shifts to blockchain

BREAKING: Square rebrands to Block as focus shifts to blockchain

“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy," said Jack Dorsey. Digital payments company Square announced that it has changed...

FTX.US adds support for Ethereum-based NFTs to its marketplace

FTX.US adds support for Ethereum-based NFTs to its marketplace

After hinting that this feature would come soon, the U.S.-based crypto exchange FTX.US now allows users to buy, sell and display Ethereum NFTs on its previously Solana-only non-fungible token (NFT) marketplace.  According to a tweet from the exchange, Wednesday marks...

Pin It on Pinterest

Share This