The central bank of Norway, Norges Bank, has recently released a report where it nudged for the country’s own crypto regulations.
The Norges Bank has released its Financial Infrastructure report, which details crypto regulation to be introduced in Norway. The report mentions the European Union’s Markets in Crypto-Assets (MiCA) bill that could be soon made into law but doesn’t suggest waiting for its implementation.
It also pointed to several drawbacks of the bill, specifying how the bill’s relevance may be limited in Norway and its specific regulation targets could miss the risks associated with continuous technological advancements.
Norges Bank said in the report, “Norwegian authorities should nevertheless assess whether to proceed more quickly rather than wait for international regulatory solutions. Norges Bank will contribute to such assessments and to regulation that promotes responsible innovation.”
Moreover, the report stated how the MiCA regulation was in the strategic interest of the European Union countries and could not necessarily benefit Norway. Norges Bank, therefore, supported immediate measures in the country that could address the issues and prevent unnecessary problems on subjects such as taxation.
Central bank digital currencies were another aspect of crypto that the bank was actively researching and would continue until 2025. Regarding crypto regulation in Norway, their Bank supported both general and specific regulations to cater to different requirements.
Summarizing the section on crypto regulation, the central bank proposed a national strategy for Norway that could explore the subject of crypto assets and their regulation in further detail.