EU Commission Vice President: “Cryptos are here to stay”

EU Commission Vice President Valdis Dombrovskis has stated “cryptos are here to stay,” during one of his latest public speeches. He also referred to this fact as the key reason for finalizing regulations.

11 September, AtoZ Markets The European Commission, which is the executive body responsible for a proposition of legislation for the European Union, is expected to conclude a regulatory assessment for the management and oversight of cryptocurrency assets. 

EU Commission Vice President: “Cryptos are here to stay”

According to the vice president of the European Commission, Valdis Dombrovskis, the EU will have to wrap up the evaluation of the governance of digital assets since they are “here to stay.” Mr. Dombrovskis has spoken during a press conference after a meeting of the Economic and Financial Affairs Council. He has stated that member states are feeling supportive of the strategy to chart regulations overseeing the cryptocurrency industry in the economic region.

He has been quoted as saying:

“We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow.”

Moreover, he has suggested that initial coin offerings (ICOs) have the potential to become a practical form of alternative financing. He added:

 “Already last year, ICOs helped raise over $6 billion in funding and this year this figure will be substantially bigger.”

Dombrovskis on Crypto Potential

In order to utilize the potential of cryptocurrencies to the maximum, Dombrovskis stated that the present challenge is how to “categorize and classify” crypto assets. He also noted that the EU officials need to decide on whether the EU should use existing financial market rules for the cryptocurrencies or create a set of specific rules designed for this market. He had stated:

“In this context, we are currently working together with European Supervisory Authorities on what we call regulatory mapping of crypto assets to answer exactly these questions. This will provide a solid ground to build on and to decide on further steps in this area.”

Mr. Dombrovskis earlier has already spoken about ICOs in a positive tone as about an innovative fundraising method. That time, he has indicated that regulators would follow a case-by-case approach to manage and supervise specific token projects. However, he added that there is still some work to be done by the commission in relation to this matter.

European Commission launches EU Blockchain observatory and forum

Earlier this February, in order to further expand its institutional knowledge of Blockchain and distributed ledger technologies, European Commission launched EU Blockchain observatory and forum

Earlier this year, AtoZ Markets reported that the EU Blockchain Observatory and Forum aims to fund up to €340 million ($425 million) in Blockchain projects. The EU Commission has previously talked about this initiative in spring 2017. That time, the organization has mentioned its intention to expand institutional knowledge of Blockchain and distributed ledger technologies.

The European Commission has stated:

“As an important actor in the blockchain community, ConsenSys will bring the strong commitment to blockchain development, solid expertise and connections with the global blockchain ecosystem, and an entrepreneurial approach to engage with stakeholders and experts in the EU and worldwide.”

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