Norway will develop its own digital currency market regulation model

The Bank of Norway last week published a report on the development of the state’s financial infrastructure. This time, the regulator paid special attention to the cryptocurrency market.

The study states that Norway does not intend to focus on blockchain industry transparency standards developed in other countries.

The most important document at the moment is the law on the market for digital assets (MiCA), previously approved by the leadership of the European Union.

The Norwegian Central Bank will analyze the effectiveness of the EU regulatory framework. Partially, it will be applied in the Scandinavian state. However, the regulator plans to develop its own legislation for the blockchain industry, the authors of the report emphasized.

Norges Bank has also promised to publish a study on the national digital currency (CBDC) by the end of 2023.

In September last year, the regulator said that the first stage of testing the virtual crown should be completed next summer.