Bulgarian Financial Authority to Oversee Cryptocurrency Market

[Goodcat49]

In the effort to design strong measures against the rising fraud and money laundering vices through digital currencies, Bulgaria's Financial Supervision Commission (FSC) is considering to monitor thoroughly the cryptocurrency market in the country.

The FSC will soon analyse and monitor the Initial Coin Offerings (ICOs) and crypto market launched in Bulgaria in order to arrive at proper measures against fraud and money laundering via cryptocurrencies, FSC revealed.

Four Main Areas to Tackle
The FSC published about "Financial Tech Monitoring Strategy in the Non-Banking Financial Sector for 2018/2020," whereby it will majorly concentrate on four key areas of action, which includes: cyber-security risk management; analysis of the need for a regulatory framework in relation to outsourcing services; creation of innovation hubs; and setting requirements for possible licensing or registration of companies offering financially innovative products.

"The challenge for the non-banking financial sector is to balance the benefits of the introduction of cutting-edge technology and preserve financial stability and safety for consumers and investors in the sector," the FSC strategy reads.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bulgarian-financial-authority-to-oversee-cryptocurrency-market/

[CryptoZenWorld]

I hope this is a good step for the company and also for investors. The investor will be safe from any inconvenience like hacking, frauding etc.. On the other hand, The law issue of money laundering will be solved which will make an ICO more trustworthy.

[bityndye]

I hope this is a good step for the company and also for investors. The investor will be safe from any inconvenience like hacking, frauding etc.. On the other hand, The law issue of money laundering will be solved which will make an ICO more trustworthy.

This kind of action by the government would be more acceptable than just totally ban cryptocurrency because they can benefit from it too. They can collect taxes from the income of the crypto enthusiasts. This move would also make more investors trust the team behind the ICOs because they are already screened before implementing such. The scammers would be reduced and the trust and confidence of the investors towards ICO would be gained back.

[CryptoZenWorld]

I hope this is a good step for the company and also for investors. The investor will be safe from any inconvenience like hacking, frauding etc.. On the other hand, The law issue of money laundering will be solved which will make an ICO more trustworthy.

This kind of action by the government would be more acceptable than just totally ban cryptocurrency because they can benefit from it too. They can collect taxes from the income of the crypto enthusiasts. This move would also make more investors trust the team behind the ICOs because they are already screened before implementing such. The scammers would be reduced and the trust and confidence of the investors towards ICO would be gained back.

You are right mate. All state govt should understand the value of cryptocurrency and idea behind blockchain. We all should support this technology as it is more transparent than our traditional system. If govt support this, the crime and spam project will gradually reduce.