The EU Should Regulate Cryptocurrencies To Prevent Fraud And Money Laundering
Analytical Center in Brussels Bruegel, a European think tank specializing in economics which mission is to improve the quality of economic policy with open and fact-based research and analysis, insists on the need for the EU to put an end to the settlement of the cryptocurrency market.
According to the recent reports Bruegel argues that there is a growing need for regulation at the EU level, in particular, with respect to the initial coins offering (ICO) and cryptocurrency exchanges.
It would seem that the EU authorities did not regulate the market because of its relative insignificance, since the volumes of the cryptocurrency bought for the euro are relatively low.
Nevertheless, the EU will not be able to regulate cryptocurrencies directly because of their immateriality. Thus, the Belgian think tank recommends that regulation of key industry players, such as the stock exchange or ICO, be more realistic.
Pursuant to the report it is the fear of fraud and money laundering that can become a motivating factor prompting the EU to participate in this project.