The European Parliament has hosted a discussion on the cryptocurrency boom, bringing together industry figures and regulators to build relationships and improve standards in the ICO arena, amongst other subjects.
Arranged by the EU40 group of young MEPs and the ORCA Alliance, a European cryptocurrency advocacy and best practices platform, and titled, “How should Europe react to the new boom in cryptocurrency?” the event hoped to start discussion on what good regulation might look like in the space.
Here to stay
With the increasing popularity of ICOs and cryptocurrencies it is hardly surprising that regulators have started to get itchy.
However, whilst they are concerned about outdated legal frameworks being unable to address money laundering issues within the crypto universe, there was an acknowledgement on all sides that cryptocurrencies are the most important financial development in decades and are here to stay.
For their part, representatives from the crypto space were also warm to the right kind of regulation, believing that it could lead to more widespread takeup for cryptocurrencies by a more reassured public.
Natan Avidan, founder of the ORCA Alliance and joint organisers of the conference, emphasised the need for international cooperation, explaining to Cointelegraph that,
“As an organization we would like to see a coordinated and liberal approach from the global community of regulators.”
The ICO Picture
The discussion paid particular attention to ICOs. As reported by ICO Examiner last week, many ICOs are not providing even the most basic details in relation to their businesses. Soirin Moisa, one of the event’s host MEPs, pointed out the need to tighten-up definitions:
“ICOs should be made to respect the EU security-related frameworks and proper definitions need to be introduced into the system, for instance, it should be clear when a token is a token, a utility, a commodity or a security.”
Participants from all sides welcomed the roundtable discussion as the first European-wide debate on the subject.
In an industry where technical jargon has a tendency to alienate certain demographics of the wider general public, host MEP Eva Kaili also emphasised the importance of inclusivity in the cryptocurrency space, adding that, “policy makers should collaborate with developers as far as the terminology of cryptocurrencies is concerned.”