Great were the worry lines on the forehead of many crypto fans for whom government interventions are sort of the beginning of the end for the cryptocurrency market. Whether regulations would make sense, superfluous or annoying, put it there. For the time being, the EU Commission will not take any extensive measures.

First analyze and then think about the need for action

In the run-up to the meeting of the EU finance ministers in the Austrian capital Vienna, industry insiders were discussing the possible consequences of an EU-wide cryptoregulation. Now, for now, come to rest. Because the ministers agreed not to take any hasty steps. Instead, various authorities within Europe are expected to conduct comprehensive status quo analysis on cryptocurrency topics such as Bitcoin or Ethereum. However, the results of the evaluations could later serve as a starting point for certain regulation of digital financial systems. The basis of the current decision is, among other things, the assessment of the “Financial Stability Board”.

There is a need for regulation and supervision

At the beginning of 2018, the latter had not seen any acute danger to the European financial system due to crypto-asset classes. According to German Finance Minister Olaf Scholz, the current meeting should be used in the first place to deal with the key challenges of the crypto market and to reach a common level of knowledge among all participating countries. The EU does not (yet) want to create regulations. On the other hand, politics is striving for greater transparency as usual. The Ministers report on unity when it comes to whether crypto currencies and financial products based on digital currencies need to be regulated and, moreover, should be placed under supervision.

A uniform direction is currently not set by EU finance ministers. This makes the European Union less willing to act than other countries such as China.

image by shutterstock

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