EU-level regulation for cryptocurrencies and ICO market may send Bitcoin and other coins to fresh lows


  • EU finance ministers call for crypto and ICO regulation on EU level.
  • Brussels-based Bruegel suggests tighter regulation or even ban.


The Brussels-based think tank Bruegel prepared a document for EU finance ministers with the aim to promote EU-level regulation of digital assets and initial coin offerings, according to Reuters. It is supposed to be discussed by the ministers on Friday during their meeting in Vienna.

EU authorities have been making noises about risks related to highly volatile crypto market, prone to scams and vulnerable to hack attacks. However, they avoided comprehensive regulation due to the small size of the segment, but the growing popularity of digital assets in the European countries might force them to change their mind.

"Now the possible expansion of the crypto exchange business in Europe and considerable interest in ICOs in EU countries, which account for 30 percent of the global market in terms of projects funded, is pushing regulators to take a closer look," Reuters reports.

Malta, for example, strives to create a favorable regulatory environment for blockchain projects in hopes that they will support the economic development. The efforts of the Maltese was rewarded as many companies including Hong Kong-based Binance, one of the world’s largest crypto exchanges, flocked to Malta.


According to Bruegel, the authorities should focus on regulating or even banning entities that deal with cryptocurrencies and tokens. The think-tank noted the restrictive Chinese approach towards the industry.


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Saturday’s closing below $9700 unnerves BTC bulls

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP