Factbox: EU proposes first bloc-wide ‘passport’ for crypto-assets

LONDON (Reuters) – The European Commission on Thursday set out plans to create what its officials described as the world’s most comprehensive set of rules for crypto-assets and their underlying blockchain technology.

FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. Picture is taken February 13, 2018. REUTERS/Dado Ruvic/Illustration

EU policymakers have said that Facebook should not be allowed to launch its Libra stablecoin in the bloc until proper rules are in place.

PASSPORTS

The European Commission will propose new EU rules for crypto-asset issuers and service providers to apply for a “passport” or EU-wide single market access and safeguards for investors.

Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer.

Issuers of significant asset-backed crypto-assets like global stablecoins would

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