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European Union lawmakers have voted to impose strict capital requirements on banks that hold cryptocurrencies, by a Reuters article.

In an effort to “prevent instability in the crypto world from spilling over into the financial system,” Markus Ferber, economic spokesperson for the European People’s Party in the European Parliament, said that “banks will be required to hold a euro of equity for every euro they hold in crypto.

Lawmakers cite the market chaos seen in recent months as further evidence that such regulation is necessary. With events like the collapse of FTX, Celsius and others fresh in the minds of users, the adoption of this law should be part of a wider set of regulations aimed at bringing the EU in line with international standards.

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