The European Commission will explicitly deal with cryptocurrencies under European law.

According to a report released yesterday by Cyprusmail, this fall the European Commission will complete the work of digital finance and establish a clear definition of cryptocurrency in European law.

Cryptocurrency is clearly defined

Last year, the European Commission briefed international experts on issues related to cryptocurrencies.

During this discussion, an "illegal data" was created which listed several key points:

1. Content of all types of cryptocurrencies, including securities and security tokens

2. MiFID II (Financial Instruments Market Information, referred to as EU Financial Instruments Information Update), including crypto tools;

3. Blockchain-based platform system.

In this regard, Schneider Le Saut, President of the European Block Tech Federation, said: “This law will make history in Europe, and it will promote digital finance across the EU for many years to come. It made some big changes.

The new law will provide the necessary legislation for crypto assets that are not covered by the existing EU financial aid policy.

Crypto assets are limited to “financial instruments” placed in a group of European and national instruments regulating EU financial markets, in particular MiFID II.

It is necessary to have a strict definition and rules for security tokens, and we propose to create a "sandbox" to learn about how tokens work on the blockchain.

It is understood that many business scams and failures today are caused by unscrupulous trading, and the stated laws also include the definition of fraud.

Europe accelerates the development of financial technology

In June of this year, the European Commission said it plans to develop a new cryptocurrency regulatory framework that could include stricter rules for global security like Libra.

“The lack of legislation is generally seen as a major threat to the health of the European Union cryptocurrency market,” said Valdis Dombrovskis, then President of the European Union, an economic country at the time. Europe must seize the opportunity to become a leader in the financial sector Firstly, “This is a good opportunity for Europe to strengthen its global presence and become a leader. “Global companies will bring new technologies into digital finance. "

“Europe now has a better digital economy in the world,” said Dombrovskis. In addition, in the last few months almost all sectors have shown that most Europeans are ready for digital finance.

In the past, the European Union intended to bring digital finance to Europe with the aim of using digital finance and international competition to lift countries' regulations and ensure that care is adequate. Our focus on this concept is how to deepen the same business for digital financial services and how to overcome the problem of expansion, how to promote the information driven financial sector and how to support EU policy in this area. . Promote innovation of technological neutrality.

One of the most important aspects of the bill is to create a market for crypto assets, stimulating sales beyond the borders of the EU.

The "no-data" indicates that the case calls for the establishment of common regulation at EU level for crypto manufacturers and suppliers who wish to supply crypto assets in the EU.

The policy addresses five key components of the state: resources, education and interpretation; is designed with built-in business integrity.

According to the European Commission's Office of Justice, the agency wants to push through the request in the third quarter of 2020.