Finance ministers from 28 member states within Europe will discuss placing further regulations upon cryptocurrencies due to concerns surrounding illicit activities and a “general lack of transparency”.
According to Bloomberg the EU finance ministers will meet in Vienna on the 7th of September and will discuss whether or not to tighten regulations in an effort to curb money laundering, tax evasion, and terrorism financing.
However, it is possible that further regulation could help growth. In the past, the EU has looked favorably upon crypto, citing in a report on ICOs that they are an “excellent funding stream for tech start-ups.”, in a more general report released in July, the EU called crypto “relatively safe, transparent, and fast”. Comments such as these are a far cry from stances from other countries such as India, with their suffocating services ban placed on the industry along with China and their outright blanket ban on all things crypto.
Rather than suffocating innovation, The EU has always tried to toe the line of fostering regulation that supports growth within the industry. Understandably measures to stamp out fraud and terrorism funding will forever be enacted as long as these activities continue. However, if said measures are implemented carefully and thoughtfully, they needn’t impact crypto detrimentally.