European Union To Discuss Further on Crypto Regulation

European Union To Discuss Further on Crypto Regulation

Cryptocurrency News
August 31, 2018 by Sandra Onyeiwu
1304
Finance Ministers representing 28 member states of the European Union (EU) will be meeting on September 7 in Vienna to discuss the regulation of cryptocurrencies. According to a draft note seen by Bloomberg, participants will discuss a general lack of transparency and the potential for cryptocurrency to be used for tax evasion, terrorist financing and
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Finance Ministers representing 28 member states of the European Union (EU) will be meeting on September 7 in Vienna to discuss the regulation of cryptocurrencies.

According to a draft note seen by Bloomberg, participants will discuss a general lack of transparency and the potential for cryptocurrency to be used for tax evasion, terrorist financing and money laundering.

The EU has been thorough in their analysis of the growing crypto industry throughout 2018. In April, EU parliament members voted in favor of tightening crypto regulations as part of a know-your-customer agenda to help curb money laundering in the EU.

The European Securities and Markets Authority (ESMA) has previously warned customers about Initial Coin Offerings (ICOs), citing a lack of investor understanding and problems with unregulated financial activities.

Despite the warnings, the document obtained by Bloomberg says that ICOs “have established an effective and efficient way to raise capital.”

The meeting comes as global regulators are taking a closer look at the cryptocurrency industry and how to best regulate the relatively young markets.  It is unclear whether any harsh stances will be taken that affect the cryptocurrency markets.

 

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