Crypto ‘Here to Stay’ but Needs Classification, Says European Commission. .

[ChixHunter]

Crypto ‘Here to Stay’ but Needs Classification, Says European Commission Vice President

The European Union (E.U.) will focus on the development of crypto asset classification and regulatory mapping, European Commission Vice President Valdis Dombrovskis claimed at a recent meeting of Economic and Financial Affairs Council (Ecofin) in Vienna.

According to Dombrovskis, crypto assets are “here to stay,” and the crypto market still “continues to grow” despite “recent turbulence.”

The Commissioner claimed that, in order to address major issues around cryptocurrencies, the E.U. will focus on the main challenge that is how to “categorize and classify” crypto assets this year. He also stated that the organization will consider whether existing E.U. financial regulation can be applied, or if there is rather a need to develop new rules.

As Dombrovskis stressed, the Commission has already teamed up with European Supervisory Authorities in order to develop a so-called “regulatory mapping” of crypto assets to provide a “solid ground” to establish the status of cryptocurrencies, as well as to set up “further steps in this area.”

In his speech Dombrovskis paid special attention to Initial Coin Offerings (ICOs), characterizing them as a “viable form of alternative financing,” and pointing out that ICOs generated $6 billion last year. Dombrovskis further emphasized that “this figure will be substantially bigger” in 2018.

Readmore: https://cointelegraph.com/news/crypto-here-to-stay-but-needs-classification-says-european-commission-vice-president