Andrea Enria, Chair of the supervisory board at the European Central Bank (ECB), has emphasized the importance of strict regulation for crypto entities that operate similarly to banks. In an interview with Germany's Handelsblatt, Enria pointed out the challenges in overseeing crypto companies, particularly in payments and decentralized finance (DeFi), as they closely resemble traditional bank services. The main difficulty lies in the fact that these crypto entities often lack a specific physical headquarters, making supervision more challenging. Enria expressed concerns about the decentralized nature of cryptocurrencies like Bitcoin and the lack of clarity regarding issuers in DeFi projects, which further complicates regulation. He mentioned the collapse of FTX in 2022 as an example of consolidation issues and a lack of a comprehensive understanding of the risks involved in these entities. Enria reassured that the ECB's planned digital euro and private cryptocurrencies do not pose a threat to traditional banks. However, he acknowledged the difficulties in regulating crypto entities that provide bank-like services due to their decentralized and borderless nature. The goal is to ensure that any entity engaging in banking activities falls under the scope of banking regulation and supervision.
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