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Laxman Pai, Opalesque Asia: Valdis Dombrovskis, vice president of the European Commission, said that crypto assets are "here to stay," and the crypto market still "continues to grow" despite "recent turbulence."
After an informal ministerial meeting of the Economic and Financial Affairs Council (Ecofin) in Vienna, Austria, Dombrovskis spoke of the discussion between himself and other ministers, describing it as a "good exchange" with regards to the future of cryptocurrencies and initial coin offerings (ICOs).
The European Union (EU) will focus on the development of crypto asset classification and regulatory mapping and conclude a regulatory assessment for the governance of crypto assets this year.
The member states are supportive of moves to chart regulations governing the cryptocurrency industry in the economic region, he said.
According to Dombrovskis, the initial coin offerings (ICOs) have the potential to emerge as a viable form of alternative financing. Already last year, ICOs helped raise over 6 billion dollars in funding and this year this figure will be substantially bigger.
"At the same time, we also see risks linked to a lack of transparency, so there are risks for investment protection and market integrity, but also in the form of money laundering, potential fraud or hacking," he added.
The vice president continued: "So we need to continue monitoring the developments in this area, and we need to do so also in cooperation with our in...................... To view our full article Click here
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