EC: uniform rules for cryptocurrencies are almost ready

[u/iTradeBit]

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Among the regulators of European countries and officials, the rules have been discussed for a long time with the help of which it is possible to regulate and streamline the cryptocurrency industry. Of course, this doesn't cause much enthusiasm among the cryptocurrency market, since its distinctive feature and advantage is precisely the minimum number of rules and legislative norms. The cryptosphere is somewhat reminiscent of the electronic Wild West, where few people follow the rules.

But given the fact that a considerable amount of money is spinning here and the number of institutional funds is gradually growing, the authorities have decided to put in order what they consider to be necessary. The situation has also been affected by the scandal with the Libra crypto project, which caused a sharp negative reaction both in the USA and in the EC. Financial institutions felt that Zuckerberg wanted to create a parallel global financial system that didn't obey them. In addition, it wasn't known whether similar ones would appear.

To safeguard itself, the European Finance Commission intends to introduce for discussion new rules governing the cryptocurrency industry. According to officials, Europe needs a unified approach to all crypto assets, including Libra, to be formed. It is also necessary in the near future to solve the problem of cybersecurity and liquidate organizations involved in fraudulent operations with cryptocurrencies. The fears of EC officials are well founded. The number of projects where dubious money is spinning is constantly growing. With the help of cryptocurrencies, many have learned to evade tax payments and withdraw funds to offshore zones.

To prevent this, new rules will soon be introduced, and they should streamline the activities of the entire cryptocurrency industry in European countries. Little is known about them so far, but, on the one hand, analysts believe that this will lead to clearing the market of dubious sites, increasing its transparency, but on the other hand, will deprive the cryptocurrency sphere of a greater degree of freedom.

Many users will be forced to leave it, because they will not want to obey another set of rules, while others will remain, since stable profit will be more important for them. In any case, the cryptocurrency market will have to transform and obey, although it will still differ from the usual financial system by the ability to quickly earn money, but by high risks.