EU: new call for regulation in relation to the ICO and exchange cryptocurrency
The EU strongly called on the ICO to regulate and cryptocurrencies – but with two caveats…
Reuters reported that Belgian thinktank has published a report before a meeting last week of Finance and economy Ministers from the European Union. The Ministers were set to discuss the taxation of the digital economy and investment in cryptocurrency. The report urges regulation of ICO (preliminary proposals of the coins) and exchange digital currencies at the level of the European Union to use the potential of the blockchain technology and to manage associated risks.
The report also highlights the difficulty of developing rules of cryptocurrency due to their virtual nature. In turn, this apparently implies that the cryptographic platform are likely to face more stringent regulations. Bruegel also acknowledged China’s approach to working with CryptoAPI and suggested that “let’s do like China and ban the farm”. The report also mentioned crypting persecution in some parts of Asia and noted “the opportunity for regulatory arbitrage”.
But in addition, Bruegel ametil the potential of cryptocurrency and blockchain technologies, and recommended that a lighter regulation: “WE should experiment and learn about the best approaches for this rapidly evolving technology”.
Bloomberg said that the purpose of the meeting was to discuss the possibility of tightening the rules in respect of digital assets, and a General lack of transparency in the industry. We expect to hear more about the consequences of this meeting this week.