Golden Finance reported that the EU Insurance and Occupational Pension Authority (EIOPA) proposed in a technical recommendation report submitted to the European Commission on March 27 that it requires insurance companies to maintain funds equivalent to their value for their cryptocurrency holdings as a measure to reduce the risk of policyholders. The criteria for this proposal are far more stringent than other asset classes such as stocks and real estate, which don’t even have to reach half of their funding requirements. "In view of the inherent risks and high volatility of these assets, it is prudent and appropriate to make 100% loss of crypto assets in the standard formula," EIOPA said in a separate statement. Furthermore, EIOPA notes that this measure will fill the regulatory gap between the Capital Requirements Ordinance and the Crypto Assets Market Ordinance (MiCA), as the current EU insurance company regulatory framework lacks specific provisions on crypto assets.