Major European brokers the cryptocurrency called for the establishment of clear and understandable regulation of digital assets. In particular, they propose to establish rules that will help to allay concerns that cryptocurrencies can be linked to the laundering of illegal proceeds, according to Bloomberg.
This opinion, in particular, was expressed by the representatives of the British and Austrian platform eToro Bitpanda. They are convinced that a proper and clear regulation of the cryptocurrency in compliance with the policy “know your customer” (KYC) will help to make the market more attractive to institutional investors and will assist in promoting the industry.
“We will be happy if we know where we are”, said co-Director Bitpanda Eric Demuth.
According to him, representatives of the platform meet regularly with officials of the Ministry of Finance of Austria, he also believes that moving to a more “loose” jurisdiction like Malta or Gibraltar is a bad idea.
The publication notes that European financial regulators severely limit the interaction of large hedge funds with unregulated markets. However, managing Director eToro Iqbal Gandham convinced that it is necessary to consider the specifics of the cryptocurrency market, so it does not support the idea of using the cryptocurrency market rules that apply to traditional Finance.
“We are dealing with a new emerging technology, so just choose the best of the existing rules developed for other assets is not the best option,” said Gandham.
According to him, appropriate it is possible to consider the laws that will focus on the interaction between platforms and investors because they will serve to protect consumers and to ensure the legitimacy of the market.
eToro started in 2007, two years before the advent of bitcoin, but the cryptocurrency accounts for around 75% of all volume of transactions on the platform. In addition, Iqbal Gandham heads the industry group, whose activities are aimed at ensuring transparency of the cryptocurrency industry. Its membership also includes representatives from the UK CEX and Coinbase.IO.
We will remind, in April calling for British authorities to take a more clear position on the question of the regulation of cryptocurrencies asked the representatives of the Ripple.