European Commission Calls for Harmonisation of Credit Purchasers Directive

The European Commission has issued a call to Cyprus and 11 other EU member states to fully transpose the Directive on credit servicers and credit purchasers into national law. This directive aims to standardise operations for credit purchasers and servicers across the EU, ensuring borrower rights are protected. Cyprus, along with Belgium, Bulgaria, Spain, Italy, Lithuania, Hungary, the Netherlands, Austria, Poland, Portugal, and Finland, must address this compliance issue within two months or face potential referral to the Court of Justice of the European Union.

Background and Significance

The Directive 2021/2167 is pivotal in facilitating a cohesive operational environment for credit purchasers and servicers throughout the EU. It mandates these entities to act with fairness and professionalism, ensuring that borrowers are not subjected to harassment or undue influence. The harmonisation of these rules is essential for maintaining a stable financial environment and safeguarding consumer rights.

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Infringement Procedures and Compliance

The European Commission’s infringement procedures include sending letters of formal notice to member states that fail to comply with EU legislation. This recent notice to Cyprus and the other 11 states is part of a broader package addressing various compliance issues across the EU. Should the states fail to meet the requirements within the specified timeframe, the Commission may escalate the matter, potentially leading to judicial proceedings and fines.

Broader Implications

This call for harmonisation extends beyond credit purchasers. The Commission has also addressed non-compliance in areas such as the Bank Recovery and Resolution Directive and waste collection and recycling targets, highlighting ongoing challenges in achieving uniform regulatory standards across the EU. For Cyprus, aligning with these directives is crucial not only for legal compliance but also for maintaining investor confidence and fostering a stable economic environment.

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Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

August 21, 2026

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

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Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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