European Cryptocurrency Is Set For A Brave New World In 2020

European Cryptocurrency Is Set For A Brave New World In 2020

about 4 years ago2 mins

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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… 🎅

What does this mean?

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.

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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 😏

Why should I care?

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.

Only a handful of crypto operators have received a BitLicense – excelsior indeed
Only a handful of crypto operators have received a BitLicense – excelsior indeed

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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