A report released by Belgian think tank Brügel emphasized the need for a clear unification bill on cryptography.
According to the report, this report strongly calls for uniform regulation of cryptographic transactions and ICOs at the EU level in order to manage the risk of cryptography and take advantage of the block chain technology possibilities. Companies that operate a cryptographic trading platform are likely to face more stringent information disclosure requirements and anticipate potential bans.
Citing China’s access to the cryptographic market, it also indicated that the country might be banned from mining factories. But Brüell says regulatory authorities need to be more lenient about exchanges, and they need to experiment and learn about the best approach to rapidly evolving technology.
The report will be circulated at an informal meeting of the EU economy and finance ministers’ meeting in Austria on September 7-8. On August 30, Bloomberg reported that the EU will discuss the challenges faced by digital assets and the potential for further regulation. The lack of transparency in the industry, the possibility of the use of cryptography for tax evasion, terrorists and money laundering. For more information, please click here .