Vice-Chairman of the European Commission: cryptocurrency assets will be greatly developed

The European Commission is the executive body of EU legislation and will complete a regulatory assessment of cryptocurrency asset governance this year. The Vice-Chairman of the European Commission said that EU member states support the development of regulations for managing the cryptocurrency industry in the economic zone.

The Vice-President of European Commission, Valdis Dombrovskis said at a press conference after the meeting of the Economic and Financial Affairs Committee last Friday that member states support the establishment of cryptocurrency industry regulations for the management of economic zones. Dombrovskis mentioned that they have also exchanged views on cryptocurrency assets, and cryptocurrency assets will continue to exist and grow rapidly. Despite recent turmoil, the market continues to grow overall.

In addition, he said that the initial coin offering (ICO) is likely to be a viable form of alternative financing, because ICO has helped raise more than $6 billion in funding last year, and this number will increase significantly this year.

To take full advantage of the industry potential, Dombrovskis claimed that the challenge now is how to categorize and classify cryptocurrency assets, and whether the EU should adopt existing financial market rules or develop a set of specific regulations for cryptocurrency. He said that in this case, they were currently working with European regulators to answer these questions on the so-called cryptocurrency asset regulatory mapping, which will provide a solid basis for consolidating and deciding further measures in this area.

It was reported by CoinDesk in February that Dombrovskis had previously published positive comments, saying that ICO is an innovative way to raise funds. He also pointed out that regulators would take more ways to deal with specific token projects on a case-by-case basis, although the committee needed to do more.

And he is not the only ICO-friendly member of the European Union. Last Friday, members of the European Parliament proposed a new rule that stipulates that the ICO can set a ceiling on the proceeds of token sales alike xenon token, but it can also enable eligible projects to be implemented between EU member states.

Cryptocurrency enthusiasts are inspired because many countries believe that the cryptocurrency, such as neo coin, ripple blockchain, will drive the economy and begin to ease the policy, which is beneficial to the growth of cryptocurrency.

Although cryptocurrency industry is in its initial stage, the market is anticipated. The trends alike the increasing stable coins, such as tether coin, emerging decentralized exchanges, consolidated leading position of bitcoin are noteworthy.