European Union’s economic and financial ministers will meet to discuss tightening crypto regulation, according to Bloomberg. Challenges posed by digital assets will be also reviewed.
Сauses for concern for EU members include a lack of transparency and the potential of crypto to be used for tax evasion and money laundering. The EU introduced its Fifth Anti-Money Laundering Directive on July 9th. A new legal framework for European financial institutions has been created to regulate digital assets.
On the other hand, the EU has changed its view on ICOs. The European Securities and Markets Authority (ESMA) previously issued a warning about ICOs in terms of lack of financial regulations and information for investors. Now, Bloomberg reported that the ESMA considers ICOs “an effective and efficient way to raise capital.”