<p>Valdis Dombrovskis, vice president for the euro, social dialogue and financial services at the European Commission, plans to bring in new regulations for the cryptocurrency sector in the region.</p> <p>“Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this,” Dombrovskis <a href="https://in.reuters.com/article/us-eu-commission-dombrovskis/eu-to-regulate-crypto-currencies-such-as-facebooks-libra-dombrovskis-idINKBN1WN0O6">told</a> EU lawmakers at a hearing on Tuesday, as reported by Reuters.</p> <p>The official, who is also a former prime minister of Latvia, further said that the EU should tackle “unfair competition, cybersecurity, and threats to financial stability” in regulating cryptocurrencies.</p> <p>Interestingly, the European Commission was <a href="https://www.theblockcrypto.com/linked/36936/eu-antitrust-regulator-investigating-libra-association">investigating</a> "potential anti-competitive behavior" with regard to Facebook's proposed stablecoin Libra. The agency was exploring whether the Libra Association and its proposed payment stack, could prevent peers from being able to compete.<br /> <br /> Meanwhile, France’s economy and finance minister, Bruno Le Maire, recently<a href="https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister"> said</a> that the country will halt the development of Libra in Europe because it threatens the “monetary sovereignty” of governments. Germany took a step ahead <a href="https://www.theblockcrypto.com/linked/40066/germany-passes-a-strategy-to-block-parallel-currencies-including-facebooks-libra">by passing</a> a blockchain strategy that prevents any parallel currencies to be issued in the country, including Libra. </p>