EU: New study calls for uniform regulation

Representatives of the EU now want to finally create clear rules for the regulation of cryptographic products. A new study, which is quite fresh shows.

EU study calls for clear regulatory standards

For quite a while on the part of the European Union had heard little to when it came to the question of meaningful regulation around Bitcoin. Currently, one could assume that Europe’s authorities have Virus due to other Concerns. Instead, many countries have passed their own measures, Germany’s Blockchain strategy is an example. Recently had reported to the industry Association Bitkom and a uniform approach in the EU. Also outside of the European Union, a lot happens, mostly it is a tightening of the legal situation, such as in Thailand. Now there are also from the EU Parliament after a long time of a push. Since it is the first official study on a possible EU-wide unit-regulation of the crypto market. The experts of the Parliament have made some.

All crypto Assets are to be regulated by the EU

Not only a regulation of trade with BTC or Altcoins like Ethereum or Litecoin is at the heart of the new paper. Of course, the theme of the fight against money laundering a key role. Of the policy, this is in addition to measures to combat international terrorism, using digital currencies – has always been particularly important. Also Stablecoins, Mining activities, ICOs, as well as fundraising campaigns using crypto-currencies to come to the languages. The EU, in particular, to finally close the existing loopholes in the current law. Just Mining is the responsible of the study is a Problem. Because this was a way to launder money efficiently and unrecognized, of what the organized crime supposedly use. Not a problem, so the study of new Coins, such as those offered by regulated banks in exchange for crypto Assets are.

Just for Stablecoins it to EU-wide rules

A whole series of legal gaps is not in the report, it is only the mutual exchange of different digital currencies such as Ripple or Dash. New mandatory directives in EU member States for clear conditions. One goal: The term crypto-currency should legally be clearly defined. For the implementation of the authors of the study, among other things, the creation of a new Supervisory authority, which should be both for the fight against terrorist financing and money laundering in a leading role. Such a crypto-supervisors should seemingly work on a national, as long as a single EU Supervisory body due to a lack of Expertise difficult to be realized. Providers of Stablecoins according to the study, often act locally oriented work, speaking ostensibly for the national approach to legal implementation.

The explicit thematization of the Facebook-Stablecoins Libra surprising in the context of the publication little. Because the project of the Social Media giant is many States, a thorn in the eye, make a General concern about the risks and consequences of global digital currencies and the traditional financial system.

Featured Image: By Mummert-and-Ibold |