The nominee to become the European Union’s next finance commissioner pledged on Tuesday to propose new rules to regulate crypto currencies such as Facebook’s Libra.

“Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this,” Valdis Dombrovskis told EU lawmakers in his confirmation hearing.

Dombrovskis, who has been the bloc’s finance commissioner for the last five years and is seeking reappointment, said that in regulating virtual currencies, the EU should tackle “unfair competition, cybersecurity, and threats to financial stability”.

REUTERS