Belgian economic institute to propose a unified crypto regulation

Friday 14 September 2018 08:44 CET | News

Bruegel has proposed standardization in cryptocurrency and ICO regulation within the European Union countries.

According to Coinwire, Bruegel, the Belgian economic research institute, has presented a report to the EU Economic and Financial Affairs Council (Ecofin) held in Vienna, earlier September 2018. In this report the financial affairs minister argues not only the opportunities and risks involved in cryptocurrency, but also the possibility of a regulation of this global phenomenon.

Bruegel brings forward the suggestion to regulate the organization of crypto exchanges and mining operators. Also, the report explains that as China has recently moved towards crypto mining operators, such movement is doable in the EU regions as well.

However, the EU authorities believe that comprehensive regulation towards cryptocurrency is unnecessary for the moment, as it has a minimum impact on the EU economics. This fact is due to its small size and low trading percentage.

This being said, they do recognize the high potential of cryptocurrency to be used for money laundering as well as fraud activities.

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Keywords: cryptocurrency, financial transactions, Belgium, Bruegel
Countries: World