The European Commission, the executive body that proposes legislation for the EU, will this year conclude a regulatory assessment for the governance of crypto assets, because they are “here to stay,” a high-level has official said.
Speaking at a press conference after a meeting of the Economic and Financial Affairs Council last Friday, Valdis Dombrovskis, vice president of the European Commission, said member states are supportive of moves to chart regulations governing the cryptocurrency industry in the economic region.
“We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow.”
Further, he suggested that initial coin offerings (ICOs) have the potential to become a viable form of alternative financing. “Already last year, ICOs helped raise over $6 billion in funding and this year this figure will be substantially bigger,” he said.
To make the most of this potential, Dombrovskis said the challenge right now is how to “categorize and classify” crypto assets and whether the EU should use existing financial market rules or create a set of dedicated regulations for cryptocurrencies…