EU should adopt common cryptocurrency rules, report for ministers says
A Brussels-based think tank has delivered a report to EU ministers calling for the adoption of common rules on cryptocurrencies, rules that would provide regulation on Initial Coin Offerings, as well as crypto mining and trading in general. EU authorities have already called for responses to money laundering and fraud risks posed by cryptocurrencies, but their low economic impact vis-à-vis the Euro has not made them a priority. The report recommends experimenting to develop the “best approaches to this fast-developing technology,” suggesting that regulating or even banning exchanges could be possible responses. It also argued, however, that exchanges hoping to relocate to areas with lighter regulation should be permitted as part of the learning process. Recently, the largest crypto exchange, Hong Kong’s Binance, announced plans to move to Malta in efforts to avoid Chinese crackdowns.