The European Commission will unveil this autumn its long-awaited proposal on cryptocurrencies in order to seize the opportunities brought by these tokens powered by networks of computers: these include lower fees and almost instant transactions. Europe will become the first major jurisdiction to regulate these new means of payment.
In the EU executive’s thinking, new rules won’t scare developers and investors away, but rather the opposite. By becoming the first region to put its house in order, the EU expects to attract a market worth almost $350 billion spread over more than 6,700 digital currencies.
The Commission expects to achieve the holy grail of rule makers: to come up with legislation that will not only protect customers but will also spur innovation by designing a clear framework.