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Vice President of the European Commission Believes that Crypto is here to stay but Needs Classification

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The cryptocurrency sector has struggled for a long time to get the respect it deserves for authorities across the world.

It seemed that at every turn, state bodies were turning their backs on the sector. Perhaps this was due to a lack of knowledge about the technology behind these tokens or maybe they wanted to ensure that their fiat currency systems were kept preserved so they could still reign supreme over the money supply.

Valdis Dombrovskis is the Vice President of the European Commission and he was speaking about crypto during a meeting that was held recently in Vienna as part of the Economic and Financial Affairs Council.

He made comments about how crypto is here to stay and that despite there being a lot of turbulence in the markets at the moment, the sector is continually growing.

In order to address some of their concerns, the European Union will look to categorize and classify different crypto assets at some stage during 2018. They will also look to whether or not they can rely on current legislation that is in place that can cover the crypto sector or if specific new guidelines are to be introduced.

The Commission has been working closely alongside the European Supervisory Authorities in other create a regulatory mapping of these assets going forward. This will put a solid foundation in place for cryptocurrencies in the region.

He went on to mention how initial coin offerings (ICOs) had proven to be an effective form of fundraising, having managed to raise $6 billion worth of funds in 2017, with the figure set to be significantly dwarfed in 2018.

Other issues and concerns mentioned during this discussion included market integrity, hacking fraud, money laundering and providing proper protection for investors.

It will certainly be interesting to see what process the respective European authorities make when it comes to this issue before the year is over. The sector is crying out from some clear guidelines and it seems that the officials are viewing the sector in a positive light for the most part.

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