Belgian economic research institute proposed a unified crypto regulation within EU

10 Sep, 2018
by Fifi Arisandi
News
Belgian economic research institute proposed a unified crypto regulation within EU

Belgian economic research institute proposed for unified standard for crypto regulation within the European Union. 

Belgian economic research institute, Bruegel submitted a report proposing for a standardization in cryptocurrency and ICO regulation within the European Union countries.

The report was presented on the EU Economic and Financial Affairs Council (Ecofin) held in Vienna on September 7 to 8, where financial affairs ministers discussed the opportunities and the risks involved in cryptocurrency, as well as a possible regulation of this global phenomenon, as reported by Coinwire

In their report, Bruegel stated that regulating cryptocurrency will be challenging, given its decentralized nature. Thus, the Brussel-based research institute suggested to regulate the "organization" instead, such as crypto exchanges and mining operators. 

The report also referred to China's recent move towards crypto mining operators and mentioned that such thing is also doable in the EU regions. 

Cryptocurrency is considered to have a minimum impact towards the EU economics in general due to its small size and low trading percentage, thus the EU authorities think comprehensive regulation towards it is unnecessary, at least for the time being. 

That said, they do recognize the high potential of cryptocurrency to be used for money laundering as well as fraud activities, which is why the first day of the informal meeting was devoted to the subject of cryptocurrency. 

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