EU to “assess the applicability” of regulatory framework to cryptos and ICOs

[CryptoGirl]

The European Union is hedging its bets on financial technologies such as cryptocurrencies and initial coin offerings that some see as leaving the door open to fraud, money laundering and the like.

As part of plans to regulate FinTech, the European Commission intends to “assess the applicability” of the EU’s regulatory framework to cryptocurrencies and ICOs, according to a document seen by Bloomberg. The commission, the bloc’s executive arm, also will organize a roundtable in the second quarter to discuss “challenges and opportunities” that it will report on later in the year, according to the document.

“There are already more than 1,500 virtual currencies and new ones appear every day,” said Markus Ferber, a member of the European Parliament. “Nevertheless, from a regulatory point of view they are still the wild west. That’s why Bitcoin and co. need to be classified as financial instruments. On that, the commission has to deliver.”

The commission declined to comment.

https://www.bloomberg.com/news/articles/2018-02-02/europe-hedges-bets-on-fintech-crypto-some-view-as-wild-west?srnd=cryptocurriences