Those feeling the pain of the bears’ latest swipe may breathe a sigh of relief, as European regulators reportedly aren’t interested in putting forth measures to further regulate the cryptocurrency and blockchain marketplace.
As reported by Forbes, finance ministers have agreed at a meeting in Vienna that there is no need to push ahead with additional regulations towards the cryptocurrency market. Instead, they will allow European authorities the opportunity to first conduct “a thorough analysis.”
“The EU will be acting carefully in this area,” stated Irish Finance Minister Paschal Donohoe.
While we wait, the view from European authorities remains that cryptocurrencies pose no threat to the current financial system. However, a Brussels-based think tank reportedly advised that financial institutions limit their exposure to cryptocurrencies.
Regulation Around The World
As noted by Forbes, Europe’s transparent anti-money laundering and anti-terrorist financing stance towards cryptocurrencies stands in stark contrast to those of other regions’ of the world.
China remains the most restrictive, cracking down hard on cryptocurrency exchanges within the country.
Japan, meanwhile, took exchanges to task and now requires licensing following the high-profile Coincheck heist earlier this year.
South Korea remains a relative mystery with regulators flip-flopping throughout 2018, though a crypto-friendly outcome is ultimately expected.
The United States, on the other hand, continues to drag its feet regarding cryptocurrency regulation and is rapidly falling behind its global competitors.
Iran has recently changed its tune regarding Bitcoin and other cryptocurrencies, with a full lifting of its blanket ban expected in the coming days. The change of heart likely stems from the rapid decline of the rial — the nation’s fiat currency.
What do you think about Europe’s decision to wait for thorough analysis before considering further regulation of the cryptocurrency market? Let us know in the comments below!
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