European Commission VP: “We see that Crypto Assets Are Here To Stay”
EU Commission Vice President Affirms That Cryptos Are Here To Stay
The European Commission is an executive body that is in charge of proposing legislation for the whole European Union. This year, the commission has been focused on evaluating the cryptocurrencies market and, according to a high-level official, cryptos are here to stay for a long time.
Valdis Dombrovskis, the vice president of the European Commission, has spoken at a press conference after the Economic and Financial Affairs Council. According to him, many members of the commission are very supportive of cryptos and they want to start charting regulations to improve the industry and let it grow in the region.
Dombrovskis has affirmed that the commission has had a good exchange of views on crypto assets and that, despite the recent turbulence that these assets face, the market will continue to grow in the future.
ICOs As An Alternative Way Of Funding
Interestingly, the vice president of the commission has also affirmed that the Initial Coin Offerings (ICOs) can be considered alternative forms of financing. According to him, ICOs have helped to raise over $6 billion USD in funding last year and the numbers can be even bigger if they are legitimized.
The main challenge, he believes, is to categorize and classify the crypto assets at the moment and determine which market rules should be applied or created for the market. The commission is currently working together with the European Supervisory Authorities to map the crypto assets and to determine how to solve these questions.
After this, they believe, it will be possible to provide a solid ground for regulation that will let companies build businesses using the blockchain technology and to take further steps in the area.
The vice president of the commission has already made positive comments on crypto technology in the past. According to him, ICOs are an interesting and innovative method of raising money and the regulators should explore it on a case by case basis.
There is a lot of work to be done in the commission yet but it looks like he is not the only lawmaker that has a positive stance in the commission. A member of the European Parliament has recently suggested that ICOs should be regulated.