The European Commission, the official body that proposes legislation for the EU, will this year end a regulatory assessment for the governance of crypto resources since they are “here to stay,” a high level has officially said.
Talking at a press conference after a meeting of the Economic and Financial Affairs Council last Friday, Valdis Dombrovskis, VP of the European Commission, said member states are behind the moves to chart controls overseeing the cryptocurrency industry in the economic area.
“We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow.”
Further, he proposed that initial coin offerings (ICOs) can possibly turn into a suitable type of option for financing. “Already last year, ICOs helped raise over $6 billion in funding and this year this figure will be substantially bigger,” he said.
To take advantage of this potential, Dombrovskis said the challenge presently is the means by which to “categorize and classify” crypto resources and whether the EU should utilize existing financial market rules or make an arrangement of devoted regulations for cryptocurrencies.
“In this context, we are currently working together with European Supervisory Authorities on what we call regulatory mapping of crypto assets to answer exactly these questions,” he said.
“This will provide a solid ground to build on and to decide on further steps in this area.”
Dombrovskis has beforehand made positive comments on ICOs as an innovative fundraising support strategy, as announced by CoinDesk in February. He showed at the time that regulators would take even more a case-by-case way to deal with govern specific token project, despite the fact that he yielded more work would need to be finished by the commission.
Furthermore, he isn’t the solitary ICO-friendly official in the EU. Last Friday, a Member of the European Parliament proposed another rule representing ICOs that would put an upper top on token if sales continue, however it would also make qualified projects available across EU member states.