EU Moving In To Regulate CryptoCurrency Industry

carlfebz2

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Quote from: seoincorporation on March 16, 2018, 01:39:14 PM

Quote from: CCRBNews on March 09, 2018, 11:15:26 AM

This is quite interesting how the EU are doing it. They are making out as though they are just wanting to step in and regulate crowdfunding websites but if you dig a bit deeper it actually shows they want to regulate anything where finance is being raised. This would greatly change the face of Crypto EU wide.

http://learnccrb.com/2018/03/eu-wants-to-regulate-fintech-including-blockchain/

I read the article you shared and it seems to be a big "if". The even use this expression too many times, as well as "seems" and others like that. So it is difficult to look at it in a serious manner, for they even don't really explain what is this about.
This is the clearest part: “Today’s proposal will make it easier for these platforms to offer their services EU-wide and improve access to this innovative form of finance for businesses in need of funding. Once adopted by the European Parliament and the Council, the proposed Regulation will allow platforms to apply for an EU label based on a single set of rules.”, but, as you can see, this is only a proposal for the moment, and this is not near to be clear yet.

So do not rush into making an opinion. When I read those kinds of "maybe" news, I always prefer to wait before taking a side. Just for now. Wait and see.

Or treat it as if we are still on the neutral side which I do see the best position as of now rather than on making opinions to those things which aren't still implemented or those are just projected plans ahead.Reading up above this wont really solve up in a single meeting.Just to be honest I'm not really get excited to these kind of news, adaptation or prohibition there are only two ways.

darkangel11

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It's going to be a disaster like most of the things that EU was trying to regulate. EU laws are much different from the local laws of member countries and that's why we're seeing some crazy loopholes and idiotic laws being established. Some examples? There's an EU directive that limits the CO2 emissions for all member countries, despite the fact that some of them are using coal to produce energy and others are using nuclear power that doesn't emit anything... Not to mention the recent migration crisis and the EU's attempt at pushing the migration laws despite the fact that they're compromising internal safety. It's just an example of how bad the EU is.

seoincorporation

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Quote from: CCRBNews on March 09, 2018, 11:15:26 AM

This is quite interesting how the EU are doing it. They are making out as though they are just wanting to step in and regulate crowdfunding websites but if you dig a bit deeper it actually shows they want to regulate anything where finance is being raised. This would greatly change the face of Crypto EU wide.

http://learnccrb.com/2018/03/eu-wants-to-regulate-fintech-including-blockchain/

I read the article you shared and it seems to be a big "if". The even use this expression too many times, as well as "seems" and others like that. So it is difficult to look at it in a serious manner, for they even don't really explain what is this about.
This is the clearest part: “Today’s proposal will make it easier for these platforms to offer their services EU-wide and improve access to this innovative form of finance for businesses in need of funding. Once adopted by the European Parliament and the Council, the proposed Regulation will allow platforms to apply for an EU label based on a single set of rules.”, but, as you can see, this is only a proposal for the moment, and this is not near to be clear yet.

So do not rush into making an opinion. When I read those kinds of "maybe" news, I always prefer to wait before taking a side. Just for now. Wait and see.

stompix

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Quote from: Coffee135 on March 16, 2018, 08:36:35 AM

Quote from: stompix on March 15, 2018, 12:56:59 PM

Quote from: Proton2233 on March 15, 2018, 08:57:30 AM

Now it is too early to say that the EU is moving towards the recognition and regulation of the cryptocurrency. I think that in order to draw conclusions we need to wait for the official statement at the end of the G20 summit. Next week we will find out the prospects for the development of cryptocurrencies for this year. I think the General decision on this issue will not occur. Everything will remain as it is.

The EU still has 5 members in G20.
Two of them with enough power to turn the table if there would be a resolution, so they are not going to wait for a decision and then act, they have already a plan.

But the G20 is kind of meaningless because it has absolutely no way to enforce rules on a member state.
So, it's more talk than action.

And even in the case 4, 8 or 15 states from the EU will go with a plan, in order to impose a financial change that will affect the entire EU you don't need majority, you need consensus from all the countries or it will not be adopted.

I have high hopes for Japan's position. If all countries do not reach consensus in establishing global rules for the use of bitcoins, the Japanese will have the right to introduce such rules unilaterally. I do not mind Japan becoming a world center of cryptocurrencies. The Internet provides an opportunity not to have a territorial binding. I don't care where the stock market is. It is important that she worked and I had no problems.

Anyone has the right to introduce whatever rules they want.
Even if a consensus is reached, anybody can just change their opinion the next day with no consequences.
Japan has already taking a stance and they've already classified BTC as a payment method. The US will probably continue to treat it in the future more like a commodity.
They will just present their opinion and hope the others will do the same.

But I'm almost willing to bet that nothing will come out of this meting. Nothing!
As I said it before, they have a lot of far bigger problems in their agenda, problems that also unfortunately can't be solved with just a meeting.

Coffee135

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Quote from: stompix on March 15, 2018, 12:56:59 PM

Quote from: Proton2233 on March 15, 2018, 08:57:30 AM

Now it is too early to say that the EU is moving towards the recognition and regulation of the cryptocurrency. I think that in order to draw conclusions we need to wait for the official statement at the end of the G20 summit. Next week we will find out the prospects for the development of cryptocurrencies for this year. I think the General decision on this issue will not occur. Everything will remain as it is.

The EU still has 5 members in G20.
Two of them with enough power to turn the table if there would be a resolution, so they are not going to wait for a decision and then act, they have already a plan.

But the G20 is kind of meaningless because it has absolutely no way to enforce rules on a member state.
So, it's more talk than action.

And even in the case 4, 8 or 15 states from the EU will go with a plan, in order to impose a financial change that will affect the entire EU you don't need majority, you need consensus from all the countries or it will not be adopted.

I have high hopes for Japan's position. If all countries do not reach consensus in establishing global rules for the use of bitcoins, the Japanese will have the right to introduce such rules unilaterally. I do not mind Japan becoming a world center of cryptocurrencies. The Internet provides an opportunity not to have a territorial binding. I don't care where the stock market is. It is important that she worked and I had no problems.

marielbeckham

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All of us guess that someday it will happen in any case.

stompix

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Quote from: Proton2233 on March 15, 2018, 08:57:30 AM

Now it is too early to say that the EU is moving towards the recognition and regulation of the cryptocurrency. I think that in order to draw conclusions we need to wait for the official statement at the end of the G20 summit. Next week we will find out the prospects for the development of cryptocurrencies for this year. I think the General decision on this issue will not occur. Everything will remain as it is.

The EU still has 5 members in G20.
Two of them with enough power to turn the table if there would be a resolution, so they are not going to wait for a decision and then act, they have already a plan.

But the G20 is kind of meaningless because it has absolutely no way to enforce rules on a member state.
So, it's more talk than action.

And even in the case 4, 8 or 15 states from the EU will go with a plan, in order to impose a financial change that will affect the entire EU you don't need majority, you need consensus from all the countries or it will not be adopted.

Proton2233

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Now it is too early to say that the EU is moving towards the recognition and regulation of the cryptocurrency. I think that in order to draw conclusions we need to wait for the official statement at the end of the G20 summit. Next week we will find out the prospects for the development of cryptocurrencies for this year. I think the General decision on this issue will not occur. Everything will remain as it is.

Basmic

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Quote from: cryptbit.man on March 14, 2018, 03:27:12 PM

I think this is not necessarily bad. Without decent regulation crypto cannot be fully accepted by governments and society. And usually the EU is pretty good at handling these kind of things.

The emergence of regulatory rules is a violation of the main property of cryptocurrencies. The main idea of creating a cryptocurrency was to provide people with a reliable currency in the free crypto economy. Any rules contradict this idea. People do not understand that after the surrender of a small part of their freedom, they will have to part with most of it. and it will continue until the complete loss of freedom.

cryptbit.man

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I think this is not necessarily bad. Without decent regulation crypto cannot be fully accepted by governments and society. And usually the EU is pretty good at handling these kind of things.

Harlot

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Quote from: Kronos21 on March 09, 2018, 12:49:09 PM

There's nothing interesting about it. All States fear an uncontrolled crowdfunding market. This can significantly change the world order. If before the inventor invented the engine for the car that runs on water. For the production of such engines need to be certified and build a plant. A lot of money. Where to take them? Corporations are buying the rights to these inventions and destroy them. Why do they need additional costs? Crowdfunding allows you to find such money from ordinary people from around the world. That's what they fear.

Uhmm, I think you got it all wrong dude. Pending patents or majority of the intellectual properties of any citizens of that country needs to be protected by the state, and almost majority of any countries' government are required by their constitution to do so. And that includes funding the creator to its financial needs. Now in cryptocurrencies I don't think it will be supported by the government as its not considered as intellectual property.

stompix

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Quote from: Snaic on March 11, 2018, 12:38:32 AM

The European Union, like other states, will in any case regulate the crypto currency. It's unavoidable.

The European Union is not a state. It's a UNION!

Quote from: Snaic on March 11, 2018, 12:38:32 AM

Recently, the German government stated that it recognizes crypto currency as a legitimate means of payment. This decision was made by implementing a specific decision of the European Court of Human Rights in 2015.

What does the Human Right have to do with crypto payments?
It was a decision from the European Union Court of Justice which involved VAT taxation!!!

Quote from: Snaic on March 11, 2018, 12:38:32 AM

Considering that for all states that signed the Convention for the Protection of Human Rights and Fundamental Freedoms of Man of 1950, a specific decision of the European Court is mandatory, that is, they are obliged to change their national legislation to the specific decisions of this court,

Again , first it was signed in 1953, it has nothing to do with cryptos and it is not mandatory, any country can just leave the pact. Besides that is the European court, it has NOTHING to do with the European Union.

Quote from: Snaic on March 11, 2018, 12:38:32 AM

, I hope that all these states (and their 41 state) will make a similar decision. This decision of the European Court is also interesting because it obliges these states to levy taxes for converting the crypto currency into fiat and vice versa.

There are 28 states in the EU not 41.

TrumpD

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Regulations come in different forms and sizes. We are yet to clearly know what type of regulations would be put in place. If its the type that is geared at having the government control crypto totally, then I am not going to back that, and so will many in the crypto community - as this is one of the major reasons we currently support crypto. However, if it is regulations which is to stop scams with ICOs and ensure crowdfunding is going into legit projects and such, I think we should welcome this almost immediately. One of the negative things people bash bitcon and other crypto is the scam accusations, an they are legit.

quality.crypto

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Quote from: samcrypto on March 10, 2018, 08:10:29 AM

Regulation can also have a negative impact on cryptomarket specially when the regulating body against cryptocurrency, and don’t implement the regulation well. Although this is a good move by bigger counties but I do hope for more transfarent regulations.

Yes, regulation is always best because there are many fake ICO's without any innovative they are launching, if they start legalising at least we can easily control those ICO and governments can easily secure the investors from those ICO's. This is the best major step governments should take because every ICO should follow their guidelines.

aoluain

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Germany a few days ago stated it is not going to tax when
used as a means of payment.

https://bitcointalksearch.org/topic/m.32251274

https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

I can imagine though that the EU will be looking to regulate
the industry in some way, it will be labelled as something
which will protect the general public.

There are other positive movements like Spain looking to
create a Crypto technology hub and attract Crypto business.

Snaic

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The European Union, like other states, will in any case regulate the crypto currency. It's unavoidable. However, regulation can be different. Including brought to the point of absurdity. Recently, the German government stated that it recognizes crypto currency as a legitimate means of payment. This decision was made by implementing a specific decision of the European Court of Human Rights in 2015. Considering that for all states that signed the Convention for the Protection of Human Rights and Fundamental Freedoms of Man of 1950, a specific decision of the European Court is mandatory, that is, they are obliged to change their national legislation to the specific decisions of this court, I hope that all these states (and their 41 state) will make a similar decision. This decision of the European Court is also interesting because it obliges these states to levy taxes for converting the crypto currency into fiat and vice versa.

Palmholder

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Crowdfunding may be dangerous for governments no doubt, it may become a spawnhost of uncontrolled technologies and phenomenons. EU rushes to take it under control, wants to make crypto market clearly seen.
Germany, as locomotive of EU, makes first step by confessing bitcoin as a mean of payment. However it will not be taxed for first time, but who knows maybe next step will be prohibition of anonimous transactions

kimochidesh

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These are just basic guidelines...Not the real crypto regulation. There are no Steps taken on ICO's or on crowdfunding. Most of the Scams are with ICO's so there should be some guidelines to stop Scam ICO's.

Ilaybit

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Of course, they will need to regulate it. My fear is that as always they will do it in their favor.
I have nothing against paying taxes, but the EU will put its claws on its part.

avikz

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Quote from: CCRBNews on March 09, 2018, 11:15:26 AM

This is quite interesting how the EU are doing it. They are making out as though they are just wanting to step in and regulate crowdfunding websites but if you dig a bit deeper it actually shows they want to regulate anything where finance is being raised. This would greatly change the face of Crypto EU wide.

http://learnccrb.com/2018/03/eu-wants-to-regulate-fintech-including-blockchain/

That's what a basic regulation does. EU is not doing anything differently. Every government wants to regulated anything where funds are being raised and also to increase the tax income. Also I wholeheartedly support if EU will bring some regulations on the ICOs. That is very much needed. Majority of the ICOS are scam and run by a college kind in disguise of a professional looking website. We need to cut such craps down from the crypto market to bring back the credibility. If the scammers can roam free, ICO market will soon become similar to HYIP market and the entire crypto currency industry will loose the faith of common investors like you and me.

Topic: EU Moving In To Regulate CryptoCurrency Industry (Read 257 times)