The European Union (EU) has published an announcement concerning economic and financial issues. According to the Council, cryptocurrency will be a point of reference for the EU.
The press release, dated September 7, shows the comments of Vice President of the European Commission (VP) Valdis Dombrovskis to the Economic and Financial Affairs Council (Ecofin) in Vienna. The VP emphasized the need to continue improving the resilience of the financial system. He said that this will happen following the entry into force of the post-crisis financial regulation reforms and the work on non-performing loans.
In addition to strengthening the financial ecosystem, Dombrovskis also stated:
"We also had a good exchange of views on crypto-assets. crypto-goods are here to stay in. Despite the recent turmoil, this market continues to grow. "
He stated that the first coin offerings (ICO) have enormous potential to become a feasible form of alternative financing. He stated that " last year, Ico has helped raise over $ 6 billion in funding and this year this figure will be substantially larger."
Because of this potential in innovative financial technology, Dombrovskis also stressed that there are risks involved. Unpredictability is above all " linked to the lack of transparency". This means that "are risks to the protection of investments and the integrity of the market, but also in the form of money laundering, potential fraud or hacking". Because of these risks, the EU hopes to continue to look for developments and collaborate with international partners of the Financial Stability Board or the G20.
A fundamental challenge facing the EU is the question of categorizing cryptocurrency resources. The EU should classify them and consider how the current EU financial rules can be applied to these activities or whether new EU rules are needed, especially for cryptocurrencies.
For this case, the EU is working with European SupervisoAuthoritiesies on " regulatory mapping of cryptographic resources". According to Dombrovskis, there are several Member States that support this mapping and state that a conclusion will be reached at the end of this year.