Crypto Should Be Classified: VP Of European Commission
The EU plans to focus on the crypto assets' classification and the adoption of relevant regulations. Valdis Dombrovskis, the Vice President of the European Commission, reported this during the assembly of the EU Economic and Financial Affairs Council.
Cryptocurrency has taken a strong position in the modern world, and the crypto market keeps on expanding, despite some disturbances, Dombrovskis states. The core problem is that digital assets should be classified. To do this, it is necessary to determine whether it is necessary to uphold normative documents operating within the EU or to create new ones.
Valdis Dombrovskis (source: ec.europa.eu)
The Commissioner described ICO as a kind of alternative funding that proved its viability. In 2017, the organizers of ICO managed to attract $6 billion, and this amount will be much higher by the end of 2018, Dombrovskis stressed.
Nevertheless, there exist numerous risks associated with the crypto sphere. The European Commission's VP named the lack of market transparency and integrity, insecurity of investors, hacker attacks, and the use of cryptos for money laundering.
According to Dombrovskis, all interested parties should monitor the dynamics of the crypto industry and cooperate with the representatives of the G20 countries and the Financial Stability Board (FSB). The representatives of the Council have already stated that crypto assets do not pose a threat to the stability of the global financial system; nevertheless, this sphere needs constant monitoring.
As previously reported, Belgian analysts urge the European Union to adopt unified rules for the regulation of cryptocurrencies.