Dima Zaitsev, Head of International PR at ICOBox, offers his take on the publication
The European Banking Authority, or the EBA, has published a report on the applicability of European Union law on crypto-assets. In the report, the EBA counsels further research into cryptocurrency in order to better gauge what the EU response should be.
The report, which observes that crypto-assets can cause risks for consumers that lie outside the scope of European law, provides no conclusive information regarding the future of cryptocurrency in EU regulation.
The EU has been giving mixed signals towards cryptocurrency: different officials have issued contradictory statements. Some, such as European Central Bank policymaker Ardo Hansson, have described crypto-assets as a “complete load of nonsense,” while others have taken a much more optimistic tack.
For the moment, the EBA is continuing to deepen its research, and provide paperwork to authorities in member countries to ensure that all financial activities are reported in a uniform manner.
Dima Zaitsev, Head of International PR at ICOBox, commented on the EBA report, saying that “Although the EU remains uncertain about crypto regulation, the EBA’s call for further research can only be interpreted as a good sign. As regulators and ordinary citizens become familiar with the benefits of crypto, the technology will go mainstream.”