about 4 years ago • 2 mins
Despite fresh criticism of Facebook’s Libra coming from Europe’s central bank in late December, several significantly more positive developments for the future of cryptocurrencies on the Continent snuck in, Santa-like, under the festive radar… 🎅
First, France’s financial regulator greenlit the first initial coin offering approved under a new “visa” scheme established by groundbreaking reforms earlier in 2019. French-ICO – a platform which plans to support, er, cryptocurrency fundraising – will now be able to rattle a $1.1 million tin among prospective investors there.
The French regulator also published new rules for crypto exchanges and storage firms seeking to operate under license in the country; rules which mirror those now in force in neighboring Germany. In both countries, the new legal structure builds on pre-existing financial standards – and may therefore favor big banks seeking to break into the market over lean and hungry crypto-focused startups...
Indeed, Börse Stuttgart – the owner of Germany’s second-largest stock exchange – announced in late December that it would shortly be launching a major cryptocurrency venture in partnership with Japanese financial giant SBI, presumably in a bid to do exactly that 😏
This rush of regulation in European countries is designed to stimulate business while protecting investors – and it’s a nationwide approach that contrasts with the piecemeal nature of current US rules, where onerous projects such as New York’s “BitLicense” have come in for plenty of stick.
But when it comes to national cryptocurrency developments, few countries are as far advanced as China. While the likes of the Bahamas toy with the idea of a state crypto, China’s digital currency appears to be fully fleshed out – with local internet giant Tencent now apparently poised to support its rollout. When exactly that game-changing moment might come, however, is – for now – unclear 🤔
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