EU finance ministry unlikely to tighten cryptocurrency regulation

Last weekend, a Brussels-based think tank Bruegel delivers its inference on “common regulations for cryptocurrency space,to a meeting of 28 European Union (EU) member state representatives in Vienna, Austria. Well, the report by Bruegel's senior staff suggested an added scrutiny levels for the cryptocurrency trading. In addition to that, EU policymakers were advocated the attempts to advance their empathetic economic potential of blockchain technology.

Off the back of news that European Finance Ministers clarified that they would not rush to further regulation on the crypto market in the EU.

EU Finance Minister in Vienna divulged that they intend to defer the consequence of a thorough exploration by the European authorities before the crucial strides, and reckon that crypto-assets are currently not impending any sort of shortcomings in the prevailing financial system — actually an eye-opener that launched about a decade after the bankruptcy of Lehman Brothers and the unfolding of the global financial crisis.

Nick Cowan, CEO of the Gibraltar Blockchain Exchangesaid:“A lack of EU-wide crypto regulation is a deterrent to blockchain innovation and will continue to hinder adoption of the technology by mainstream financial service providers going forward. However, certain smaller jurisdictions in the EU are taking a lead, having already introduced best practice regulatory frameworks for blockchain businesses. Officials in these jurisdictions are also reaching out to key financial services stakeholders to educate them on the tremendous potential of decentralised technology and to gain their support for blockchain businesses. But this is only the beginning. While it is encouraging to see the proactive work of smaller jurisdictions, the EU needs uniform regulation to foster a sustainable future for the industry. Sensible legislation that has the backing of blockchain adopters and EU regulators alike will balance the need for further innovation with appropriate consumer protection.” 

EU finance ministry addresses on how the region has formerly stimulated to enhance transparency in the market despite preventing short of introducing rules which will safeguard investor groups, these blockchain veterans offer insight into how this can contribute to or hinder the development of the blockchain space in Europe.

FxWirePro’s Currency Strength Index: Hourly BTC spot index is flashing -81 (which is bearish), while hourly USD spot index was at shy above -1 (absolutely neutral) and CHF at -50 (bearish) at 13:32 GMT. 

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