Austrian Finance Minister Considers Pan-EU Crypto Regulation Based On Rules For Gold

Austria’s Finance Minister Hartwig Löger is considering basing cryptocurrency regulations on the trading rules already in place for gold and derivatives as a way to prevent crypto from being used in money laundering, Bloomberg reported Friday, Feb. 23.

Löger spoke with Portugal’s Finance Minister Mario Centeno about his plans for pan-European Union crypto regulations on this basis yesterday, according to local news outlet Vienna.at.

During the meeting with Centeno, Löger discussed an action plan for the EU Commision in Brussels to form a working group in March to accept EU proposals about how to deal with fraud in cryptocurrencies.

Löger said, “the case in Austria is enough for me to take action in this area,” reported Vienna.at, referring to the recently uncovered Optioment Bitcoin (BTC) pyramid scheme.

Löger has also brought up the idea of a Fintech Regulatory Council to be organized by March, where crypto experts will examine how crypto regulation will work with EU institutions.

According to Bloomberg, Löger said in a statement:

“Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing. That’s an important aspect for the changes we support. We need more trust and more security.”

As part of Löger’s plan, crypto investors would report trades of more than $12,300 to the financial intelligence unit, and crypto trading platforms would be supervised by the Austrian Financial Market Authority (FMA)…

Read Full: Austrian Finance Minister Considers Pan-EU Crypto Regulation Based On Rules For Gold