Members of the European Parliament discussed the proposals that will help develop common rules for ICO in the EU. If the new rules are approved, startups will be able to legally raise funds on the territories of all European states.
The European Parliament's inter-party group on innovation introduced the possibility of introducing a standard for ICO. Participants in the discussion suggested that startups comply with the rules for combating money laundering and customer identification. However, while no specific decisions were made during the meeting, members of the European Parliament can offer their suggestions before September 11. They will be considered at the next stage of the discussion.
If the rules discussed are adopted by the European Parliament, it will in the future create a single standard used to raise funds for new projects in 28 EU countries.
Also, the Brussels think tank Bruegel believes that the EU should adopt new rules for the regulation of the сryptoсurrency and ICO. This is reported by Reuters with references to a report prepared for the EU finance ministers. Regulation will help reduce the risks for the players of the crypto market and make the most of all the benefits of the blockchain, representatives of the center are sure. Specialists from Bruegel prepared a special document on this topic. The paper should be submitted to the ministers who meet on Friday and Saturday in Vienna.
The report notes that regulation of bitcoins as such is impossible because of their virtual nature, but trading platforms can be subjected to more stringent disclosure rules.
WHY IS IT IMPORTANT?
- Representatives of the European Parliament assure that they plan to make ICO more accessible and successful for businesses.
- Earlier, the European Parliament approved a package of new measures to combat money laundering in the countries of the European Union, among which officials intend to strengthen control over bitcoin and other virtual currencies.