European Commission: Cryptocurrency is here to stay

The European Commission is preparing to develop a classification system for digital assets and to assess the regulation of cryptocurrencies. According to the Vice-President of the European Commission Valdis Dombrovskis, cryptocurrency “will not disappear”.

Speaking at a press conference after a meeting of the Council on economic and financial issues September 7, the Vice-President of the European Commission Valdis Dombrovskis said that the European Union countries intend to adopt the norms and rules of regulation of the cryptocurrency industry.

“We have combined efforts to develop laws that regulate activities in the field of crypto-currency assets and exchanged views on the issue. We believe that cryptocurrency is here to stay, and they’re not going anywhere. Despite the market turmoil, this sector continues to gain momentum.”

Dombrovskis confident that the basic issue of regulation is competent to the classification of digital assets and finding ways to use existing laws to traditional EU financial market to the new asset class.

“To close these issues, we are actively sotrudnichaem with the European Agency for financial supervision the creation of so-called regulatory mapping of crypto-currency assets,” he said. “This will create a solid Foundation for the development and approval of further solutions in the field of digital currencies”.

Recall that in the near future the EU is going to tighten trade rules for cryptocurrency. The Finance Ministers of the 28 member States of the European Union discussed a number of problems of the market of digital assets, such as the lack of transparency, the use of cryptocurrency in money laundering, ease of tax evasion and potential terrorist financing.

We also reported recently that the foreign Minister of Germany Heiko Maas stated on the need to create the EU independent of the US interbank system of information transfer and payment, different from the American system SWIFT.

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