Cryptocurrency is “here to stay” argues European commission vice-president – but he wants changes

New remarks coming from European Commission vice president Valdis Dombrovskis look promising for the crypto world…

The European Union’s approach to cryptocurrency has been back on the agenda over the past few days, with a meeting of the organisation’s Economic and Financial Affairs Council taking place in Austria.

What’s more, there were positive noises being made. In particular, the European Commission vice president Valdis Dombrovskis has now stated his belief that cryptocurrency and crypto assets are “here to stay”, noting that the market is continuing to grow, in spite of the many bumps the sector has experienced over the past few months.

That said, he wants changes to try and remedy the problems surrounding crypto. In particular, he’s pushing the EU towards categorising and classifying cryptocurrency assets as its short term objective. Furthermore, the question is now being asked too as to whether the EU’s existing regulatory framework covers crypto, or if new rules need to be introduced.

Dombrovskis’ speech, which can be found in full here, also covered ICOs, and again, his approach was more constructive than perhaps we’re used to seeing from regulators. “We see they have the potential to emerge as a viable form of alternative financing”, he remarked.

“Already last year, ICOs helped raise over six billion dollars in funding and this year this figure will be substantially bigger”

He raised points too about the need for more transparency, and for protection against criminal activities.

He confirmed that work is underway with European Supervisory Authorities on the regulatory mapping of crypto assets, and that assessment will be completed “later this year”. After that, the EU will have a decision to make about what steps to take next…

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