The European Union (E.U.)would now be focusing inthe eventof cryptoassetsclassification andrestrictivemapping. The Vice President of the European Commission ‘Valdis Dombrovskis’ proclaimed at a recent meeting of Economic andFinancialAffairs Council (Ecofin) inVienna.
According to the Vice President, crypto assetsare“hereto remain,”and also thecrypto market will still “continues to grow” despite the “recent turbulence.”
Mentioning further he claimed that,so asto deal withmajorproblemsinvolved with the digital currencies, the E.U.would be now paying attention onthechallengewhich is to“categorize and classify” crypto assets by the end of this year. Adding further he declaredthat the organizationwillthink aboutwhether or notexisting E.U.financialregulationcan be imposed, or ifthere’srathera requirementto develop some new rules.
As Dombrovskis stressed, the Commission has already teamed up with other European Authoritiesso asto develop asupposed“regulatory mapping” of crypto assetsto supplya “solid ground”to determinethestandingof digital currencies,along with to setup the further necessary required steps in this area.
In his speech Dombrovskis paid special attention to ICO’s, mentioning them as a “viabletype ofalternatefinance,” andstatingthat ICOs generated around $6 Bln last year. Dombrovskismoreemphasised that “this figuresareconsiderablybigger” in 2018.
Concerningalternativeissueswithin thisfield, Dombrovskis mentionedthe foremostrisks of crypto,together with“lack of transparency,”protectinginvestors, market integrity, fraud, and hacking.
In this regard, the Latvian politicianadvisedthe necessityto stayobservance inthe dynamics of the crypto business, stressing the importance of cooperation withinternationalpartners at the Financial Stability Board (FSB) and G20.
This summer, the FSB claimed that crypto assetsdon’tcauseany material risk toInternational Financial Stability,whereasthe sphere stillwantsin-depthobservancebecause ofspeedymarket development.