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Europe as a new financial center

12/17/2018
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  • EU_blockchain
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Now the turnover on American trading floors allows us to talk about the country as the leader of the financial industry. However, other regions do not want to put up with this state of affairs. The European Union and individual countries of Europe see in cryptocurrencies a chance to gain an advantage in this race.

Pressure reduction course

A whole stream of news suggests that the authorities are reconsidering their attitude towards cryptocurrency and blockchain. In short, they recognized excessive regulatory pressure on the industry. This was openly stated by the Swiss government. It published a report that calls on lawmakers to introduce simplified rules to regulate cryptocurrency trade. In particular, it is proposed:

  • amend the law on collective investment schemes;
  • recognize cryptocurrency as a financial asset;
  • Amend the Financial Market Infrastructure Law.

FINMA, the main body for the control of financial markets, is planned to be given new powers. More recently, information came that the agency has already eased the conditions for obtaining a license for cryptocurrency firms. Now the rules will allow greater freedom of manoeuvre for such organizations. In fact, there will be only one requirement for companies - not to violate the rights of investors, and not to expose client accounts to increased risk.

We have to admit that the new norms contradict the spirit of the laws of the European Union. There are very strict rules regarding the blockchain. However, they may be changed. Thus, the European Parliament adopted a resolution on the revitalization of measures for the application of technology in various sectors of the economy. The authorities acknowledged that although not all problems have been solved, and cryptocurrencies are in an embryonic state, their progress will help move the economy forward.

Against this backdrop, interesting news was the issuance by the ECB of a license to the Revolut cryptocurrency platform. Until that time, the British company was engaged exclusively in buying, selling and exchanging digital money. Now it will become a full-fledged banking structure. It is planned that Revolut Bank will conduct activities throughout Europe. Moreover, the new structure will be able to offer a very wide range of services.

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