Members of the European Parliament, Blockchain experts meet to discuss the ICO regulation


Members of the European Parliament together with blockchain experts met on Tuesday 4 September to discuss possible regulations for the Initial Coin Offerings (ICO).

At the recent EU event entitled "Ico Regulation – The crowdfunding proposal what we were the participants looked at the potential complications currently occurring in the ICO industry.

Ashley Fox, a British member of the European Parliament, has identified three main points to consider at the meeting: the challenges faced by the ICOs in raising capital, the existing regulatory approaches on the subject and the future perspectives of the industry

In his testimony, Peter Kerstens, president of the Taskforce of the European Commission on Fintech, underlined the "significant increase" of ICO volumes in 2018, despite the growing number of reports on ICO fraudulent projects According to Kerstens, the increasing numbers indicate that ICOs are "very interesting and promising automotive tools" "to raise capital.

Kerstens emphasized the fact that while the ICO industry faces problems mainly similar with other traditional financing activities, it is still different terms of the amount of money that can be raised. As a main advantage, Kerstens stressed that while "it is extremely difficult to raise millions of euros for a startup", it is not "difficult" for an ICO project.

Addressing the problem of the main differences between ICOs and crowdfunding, Kerstens emphasized the fact that ICO tokens are not "intermediaries", which means that there is no third party between issuers and investors, placing the main object of concern .

According to Kerstens, most aspects of ICOs "can not be covered by crowdfunding proposals" due to the multiple differences between industries and the ICO state's uncertain status as financial instruments, among other reasons.

Moving on to the question of the ICO regulation, the AETERNITY global communications expert, Julio Alejandro, made an original contribution, "arguing that there is no way to stop an ICO project from creation if not prohibiting trade of cryptography.

Alejandro stated that "you can complain, you can cry, you can believe" but "the only way you can effectively stop an ICO from creation is to stop an exchange", adding:

"Every time that you want to stop the dissemination and transfer of information, how will you end up? true? Do you want to ban USB, computers? What exaggerate? You are forbidding knowledge. "

Alejandro then underlined the advantages of the ICO sector that are highly appreciated by the crypto community, such as the anonymity of an ICO, the character without borders, mutual transparency and the ability to operate without an intermediary. [19659002] Alejandro also stated that if some centralized organization "tries to regulate the ICOs in a certain sense", the industry would become "obsolete" from a technical point of view.

On 7 September, the ministers of economic and economic affairs Financial statements of the 28 EU member states are set to hold a meeting on the challenges posed by digital resources and the possibility of tightening the regulations.The event, which will take place in Vienna, Austria, will discuss the main issues related to to the crypt, such as tax evasion, terrorism financing and money laundering.

[ad_2]Source link