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European Commission: Cryptocurrencies are “here to stay”

The European Commission will develop crypto asset classification and launch the related regulatory mapping. Vice President of the Commission Valdis Dombrovskis believes that cryptocurrencies are “here to stay”.

During the recent meeting of Economic and Financial Affairs Council (Ecofin) in Vienna, Dombrovskis stated that EU countries plan to adopt cryptocurrency regulation.

“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.”

Dombroviskis believes that the core regulatory issue lies in the field of classifying digital assets and seeking the ways and means of adjustment of the existing financial laws to this new type of assets.

“In this context, we are currently working together with European Supervisory Auhtorities on what we call regulatory mapping of crypto assets to answer exactly these questions. Many Member States today supported the need for such mapping, so we expect to conclude this assessment later this year. This will provide a solid ground to build on and to decide on further steps in this area.”

As reported last month, the European Union plans to tighten cryptocurrency regulation. Finance ministers form 28 EU member states have discussed a number of issues related to the cryptocurrency market, such as a general lack of transparency, misuse of cryptocurrencies in money laundering, tax evasion and terrorist financing schemes.

Around the same time, German Foreign Minister Heiko Maas stressed the need to create an interbank financial information transmission and payment system that would be independent from the US-controlled SWIFT system.