The World Federation of Exchanges (WFE) called on the European Commission to clarify the classification of digital assets and cryptocurrencies in response to a discussion paper on the creation of a regulatory framework for the cryptocurrency market.

WFE Response to EU Commission on Framework for Markets in Crypto Assets

In particular, the organization proposed to create a single classification that will cover all types of digital assets, and cryptocurrencies will be included as a subcategory.

The WFE also noted that the classification of digital currencies should be flexible in order to comply with international classifications as they develop.

The established terms should also include the underlying regulatory principles, the organization emphasized.

The introduction of a single classification will help not only clarify the regulation of digital assets, but also strengthen cooperation between the EU countries.

Earlier, the European Association of CCP Clearing Houses (EACH) called for a unified classification in the development of the regulatory framework for the crypto market.