EU Is Ready For Cryptocurrency Regulation

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EU Is Ready For Cryptocurrency Regulation

European Commission Vice-President Valdis Dombrovskis said on Monday, that European Union is preparing itself to regulate cryptocurrencies if risks emerging from the sector are not handled at the international level.

The financial services commissioner stated that the EU will take the decision on addressing the issue of cryptocurrencies later this year or early in 2019.

After he informed that blockchain technology holds a strong promise for financial markets and encouraged the nations accepting it to stay competitive, but by checking problems that expose investors to substantial risk.

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Early this month the European Commission unveiled the EU Blockchain Observatory and Forum to highlight key developments of the blockchain technology, also to unite  the recent activities within the EU.

The Vice-President talked about cryptocurrencies and ICOs, saying the craze over digital currencies is a global matter and there is a necessity to follow-up the global level.

Dombrovskis told reports that the EU does not exclude the possibility to move ahead with the plan of regulation at the EU level if a clear international response is lacking to face the emerging risks.

In March, there is a meeting in Buenos Aires among the finance ministers of G20 countries and central bankers, where they will discuss the cryptocurrencies.

Reuters reported that there is no strong consensus among G20 countries to regulate digital currencies closely, as these are considered to be a tiny part of the financial system despite risks.

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