Valdis Dombrovskis, Vice-President of the European Commission, in an interview with CNBC told how the EU going to regulate cryptocurrencies and everything connected with them.
Basically Dombrovskis talked about the ICO (initial placement of tokens), stating that this innovative way of raising funds is on the agenda, as in this direction it is necessary to work more many aspects. In addition, the Vice President noted that also expect greater regulation in the field of data security:
«Will soon come into force rules that will govern the process of storage and transmission of personal data.»
Further Dombrovskis spoke about the recent meeting of European regulators, where the round table discussed various approaches to cooperation cryptocurrency assets, and was made a European plan for the development of financial-technical sector.
On the question of whether innovative technologies at the current stage of development increased regulation, the Vice-President replied:
«Now we are focused on learning activities that have taken place in this sector. We believe that first and foremost you need to develop rules on personal data storage. For these purposes we have developed a special regulation that will soon come into force».
As for cryptocurrency, here according to Dombrovskis, it is necessary first of all to raise the level of awareness of investors about the risks that are inevitably associated with cryptocurrency assets. Each such investor should be aware that at this stage of cryptocurrency is a speculative asset, and nobody can guarantee its value or the balance between supply and demand. Therefore, there is a risk of losing all of your investment.
Thus, the EU position on trade cryptocurrencies and investing in digital assets is unchanged. There are mostly interested in technology of the blockchain, but otherwise confined to warnings. Such inertia, the EU strongly inhibits the development of the market.