the to Date, each EU member state set its own laws to regulate the trade with crypto currencies such as Bitcoin. A potential risk, such as the European Union. Two major Supervisory authorities of the EU are calling for uniform rules to protect investors better.
By Phillip Horch
10. January 2019TeilenFacebookTwitterLinkedInxingemail
Both the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) recently in separately to publish a Report for an EU-wide regulation of crypto-currencies. The current patchwork of rules of the mountains is a significant risk for investors and could lead to an imbalance between the individual EU emerging countries.
Bitcoin-trade: EBA is afraid of imbalance in Europe
In its report, draws the attention of the EBA to the fact that particularly the consumers protection in the lack of EU-directives to crypto-currencies. Potential investors could miss out on important information about potential risks. The European Commission therefore needs to analyze what steps are needed to ensure equal Information.
what is a problem is also that the individual member States would take different measures to deal with crypto-currencies. Belgium had, for example, prohibited the trading in derivatives based on Bitcoin. In the United Kingdom, this step will be discussed. This could lead to companies moving their business in less strictly-regulated countries and thereby economic imbalances within the EU would cause.
the Europe-wide rules for crypto-currencies
Also, the ESMA calls for a European framework to regulate the trade with crypto currencies. Steven Maijoor, Chairman of ESMA, said that some of the crypto-Assets that could apply today as a financial products in accordance with the European markets in financial instruments Directive (MiFID). Crypto-products on the is not true, would constitute a significant risk for potential investors. Gaps in the existing legislation should therefore be treated at best on a European level.
The regulation of virtual currencies is in the EU still in its infancy. The FinTech Task Force working to harmonize the existing national laws – currently, the member States pursue but, most of the different strategies.
in addition, the EU has obvious problems in order to find a common attitude to crypto-currencies. Even if you are from the EU-Commission-tolerant, there are always voices that cloud the picture. Most recently, Ardo Hansson, decision-makers at the European Central Bank, and crypto-currencies as “total nonsense” and warned that “the bubble” had already burst. described
