Austria Planning New Regulations for Cryptocurrency, ICOs

Austria Planning New Regulations for Cryptocurrency, ICOs
Feb 24, 2018 09:31 PM By: Guest Author | 14760 Views

Austria has followed the list of countries preparing to regulate cryptocurrencies and will use as a guide surviving controls for the speculation of gold and derivatives.

The government's primary interest is restricting the use of cryptocurrencies for money laundering, Bloomberg states. Furthermore, it requires extending overlooking agencies for everyday financial outcomes to crypto assets.

"Cryptocurrencies are significantly growing interest in the action upon money laundering and terrorism investment," Finance Minister Hartwig Loeger was extracted as speaking. As a consequence, he went on to say, "We need more security and protection."

Loeger planned several steps the government intends to complete, including ordering cryptocurrency business participants to recognize all negotiating parties and to publish trades of €10,000 ($12,300) or more to the government's fiscal capacity unit.

The command will also comprise initial coin offerings (ICOs), Loeger said. The council will apply actual rules concerning market guidance, insider speculation, and front-running, and organizers will be obliged to submit "digital schemes" to the country's Financial Market Authority (FMA).

The finance minister's announcements come on the hocks of a paper that the Austrian administration is seeking prisoners in an alleged bitcoin scam by an organization called Options, which may have happened in investor declines of up to $115 million.

Loeger also proposed that the European Union should perform cryptocurrency direction. This may well realize as the European Commission announced Thursday that top central bank and market administration figures in addition to anonymous "market players" will meet next week to review the matter.

#ICO #Austria #Regulations #Cryptocurrency #European Union

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