EU Losing Patiencen — Urges Global Crypto Regulation

EU Losing Patiencen — Urges International Crypto Legislation

Probably the most ominous of his remarks were stored for the very ending, because he pounded home the stage “crypto-assets present risks relating to money laundering and the funding of illicit activities. That’s why the Commission suggested that virtual money trades and wallet suppliers ought to be subject to the Anti-Money Laundering Directive. The co-legislators reached an agreement and we invite Member States to prepare for a speedy transposition of the legislation. To sum up, the Commission will continue to track these markets together with different stakeholders such as in the G20. We stand ready to take action based on an evaluation of risks and opportunities,” he insisted.

After applauding “blockchain technologies,” the Vice President summarized issues that he felt were previously falsified: Cryptocurrencies “that aren’t currencies in the traditional sense, and that worth isn’t guaranteed, have become matter of substantial speculation. This exposes investors and customers to significant risk for example the danger to lose their investment. This is the reason our next decision is that warnings about these risks to consumers and investors are important: these needs to be clear, regular, and over all authorities.”
Pictures courtesy of Pixabay, EU.

EU Losing Patience: Bitcoin Needs Global Regulation

EU Losing Patience: Bitcoin Needs Global Regulation
For his role, Mr. Dombrovskis encouraged the roundtable to follow up on an present Franco-German letter concerned with crypto regulation. “Crypto-asset markets are international, with global trades between shareholders, customers and intermediaries,” he explained. “On its own, Europe represents only a small share of international cryptocurrency trading, thus we need to work together with our partners in the G20 and global standard-setters.”


Apparent, Frequent, and Round All Jurisdictions

What do you think of the EU’s suggestions? Let us know in the comments section below.

Not up to date on the information? Listen to This Week in Bitcoina podcast updated every Friday.

Mr. Dombrovskis’ comments have been delivered this week in Brussels in a an EU Commission meeting termed   Roundtable on cryptocurrencies. The bureau “aims to ensure investor protection, market integrity and fiscal stability when taking advantage of the new technological advancements,” according to its site.

The Commission intends to use the conversation in Brussels to notify broader policy as they head in the G20 meetings after in Argentina. “The discussion was organized around three topics: cryptocurrencies and their consequences for financial markets, investor protection and market integrity with regard to cryptocurrencies as an emerging asset class, and the potential and challenges posed by initial coin offerings,” they detailed.

Released at Fri, 02 Mar 2018 22:57:31 +0000
Valdis Dombrovskis, Vice-President of the European Commission, cautioned, “[Bitcoin] is a global phenomenon and it’s important there is an global followup at the worldwide level. We do not exclude the possibility to proceed (by regulating cryptocurrencies) in the EU level if people see, by way of instance, risks emerging without a clear global response emerging”

For good measure, he had been cautious not to miss initial coin offerings (ICOs), which he called an “chance” but ultimately “there will also be issues that introduce shareholders to significant danger, like the absence of transparency regarding the identity of their issuers and inherent business plans”

EU Losing Patience: Bitcoin Needs Global Regulation
Valdis Dombrovskis

Participants in the “Cryptocurrencies — Opportunities and Risks, traded views on how the EU institutions, supervisors and Member States must respond to the challenges posed by fast technological improvements, and seize the opportunities they provide. So-called cryptocurrencies (virtual currencies) and their inherent blockchain technologies are impacting many sectors of their market, such as fund,” the site clarified.

Spread the love

error: Content is protected !!