The economic and Finance Ministers of the European Union meeting next week in Vienna to an informal meeting. In addition to the current economic and financial policy issues you want to deal with the topic of crypto-currencies and their regulation. Thus, a possible regulation of Bitcoin and other crypto-moves currencies a little closer.
Since the first of July 2018 Austria assumes the presidency of the European Union. In this function, the role of the country, the economic and Finance Ministers of the 28 EU States to invite and Meet. So it is now on 7. and 8. September in Vienna, an informal meeting of the members of the government, identify positions and strive to find common ground.
Crypto regulation is on the Agenda
According to information available to the news Agency Bloomberg, at the Meeting, also Bitcoin and other crypto currencies are on the Agenda. So the Finance Ministers of the EU member States to take, together with the Central Bank heads above all the impending risks to the eye that occur as a result of the rising popularity and adoption of crypto currencies and the traditional financial system.
The lack of transparency in the crypto-listed Ecosystems as a main point of criticism. Also, the misuse of crypto-currencies for criminal purposes is also a focus of discussions. The basic Tenor of the Agenda suggests, therefore, that the state representatives wish to apply currencies, a rather hard line against Crypto.
What does this mean for the European crypto scene?
A clear regulation that guides the European crypto-Ecosystem in an ordered path, not, however, necessarily have a negative impact. Just the example of Japan, where the financial market regulatory licenses for crypto exchanges has distributed that comply with the KYC – and AML-guidelines, shows that it is for sustainable growth conducive to make clear requirements.
Nevertheless, clear guidelines for the regulation of Bitcoin and other crypto-currencies in the short terms is unlikely. Since the Minister first come together in an informal Meeting, rules and regulations, as a rule need your time until you are prepared, it will take with the regulation of Bitcoin.