EU is returning to the question of regulating the cryptocurrency market
In Vienna on 7 September 2018, the EU Economy Ministers Meeting will be held where the future of cryptocurrencies and the need for their regulation will be discussed. The cryptocurrency traders and coin issuers should prepare themselves for a new limitation and attention wave, this time initiated by the European politicians.
The Finance Ministers representing 28 member states of the European Union (EU) intend to discuss the risks and problems related to the growth of the digital asset popularity at the forthcoming meeting in Vienna.
It is reported that the key topics of the summit will be the lack of transparency of the cryptocurrencies and the possibility of using it for criminal purposes, including money laundering and tax evasion. We remind you that the recent study confirms that only 0.67% of Bitcoin network transactions are used for criminal purposes.
The European Parliament has previously approved a new package of measures to combat money laundering in the countries of the European Union, including the intention of the officials to strengthen control over bitcoin and other virtual currencies. In order to prevent the anonymity of cryptocurrencies, the exchange platforms, virtual wallets and banking institutions will be required to verify the origin of the customers' personalities and funds.
The European authorities, frightened by the large fluctuations in prices in this segment, have already warned cryptocurrency investors more than once that their rights are not protected in any way under the current rules. The executive power of the European Union – the European Commission has promised to keep pace with the dynamics of the digital asset market and, if necessary, to take the necessary measures simultaneously with other supervisory authorities.
On the other hand, Europe supports the development of the new technologies based on the digital currency.