The European Commission will conclude a regulatory assessment for the governance of crypto assets, because they are “here to stay.”
That’s what Valdis Dombrovskis, vice president of the European Commission just noted.
“We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow.”
Initial Coin Offerings have Potential
The vice president also suggested that initial coin offerings (ICOs) have the potential to become a viable form of alternative financing. “Already last year, ICOs helped raise over $6 billion in funding and this year this figure will be substantially bigger,” he said.
“At the same time, we also see risks linked to a lack of transparency, so there are risks for investment protection and market integrity, but also in the form of money laundering, potential fraud or hacking.”
Even Ashley Fox, an MEP (Member of the European Parliament) has discussed the newly proposed laws for ICOs.
These, he believes, could help businesses and individuals get involved in the industry in a legitimate manner.
The challenge they’re facing is how to “categorize and classify” such assets
They’re also not sure if the EU should use existing financial market rules. Or if they should create a new set of regulations strictly for cryptocurrencies.
“In this context, we are currently working together with European Supervisory Authorities on what we call regulatory mapping of crypto assets to answer exactly these questions,” he said. “This will provide a solid ground to build on and to decide on further steps in this area.”
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