During a policy dialogue organised on Saturday by the ORCA Alliance and EU40 at the European Parliament in Brussels, Sorin Moisa, member of European Parliament, declared that cryptocurrencies are here to stay. He followed by saying that at the moment, a clear-cut policy framework and regulation needs to be put in place:
“The policy response should be aimed at eliminating the impostors and revision of the Anti-Money Laundering Directive which will help to kick-start this process. Regulating ICOs is also an area worth considering since they should respect EU security-related frameworks. With regard to monetary policy, it is difficult to understand what adjustments, if any, is required to be made to respond to these developments.”
Eva Kaili, another member of the European Parliament, agreed entirely with Sorin and also said that cryptocurrencies will increase decentralization and remove the need for intermedaries. She suggested that on the issue of definitions, decision-makers need to wait for developers and the market more generally to make the necessary tests.
Peteris Zilgalvis, Head of Unit – Startups and Innovation, DG CONNECT at the European Commission, mentioned that the Commission is regarding the cryptocurrency market in general as something very innovative and with great potential for the future.
Peteris pointed out that other potential uses of Blockchain, beyond finance, are currently being looked at:
“The Blockchain Observatory will be launched in January 2018 and will see a close collaboration with innovators and look at the different use cases of cryptocurrency and decide whether it will be worth intervening or leaving the market alone. The FinTech Action Plan to be published in March 2018 will also touch upon this issue.”
Tadas Langaitis, Member of the Lithuanian Parliament and Chair of the Digital Economy Committee, said in a statement that guidelines on cryptocurrency is something that is needed in order to increase the adoption of this market within the European Union. Tadas is a known believer in the Blockchain technology as he has been travelling around the world to promote it.
Other issues tackled at the meeting include moving policy dialogue with the authorities beyond the national level. It was highlighted that the should be more locus on transaction volumes and not only at price fluctuations.
Speaking to Cointelegraph, Dmitrij Radin, CTO of ORCA Alliance, explained that the purpose of this gathering was to shed some light on the shortcomings of the cryptocurrency space at the moment, such as the lack of regulation and the lack of clear definitions. Dmitrij believes that these rules are necessary if cryptocurrencies are to compete with regulated payment methods. He declared:
“At the same time, the industry believes it would be important to have some guidelines, if not a legislative framework, to make sure that these new means of payments are recognized as a legitimate tool. The cryptocurrency community awaits further guidance from decision-makers to make sure that they ‘tick the necessary boxes’ and avoid ending up in a grey area from a legal perspective.”
Some of the industry players who attended the forum include:
- Sarah Compani, Legal Advisor, Bitfinex
- Craig Sellars, Co-Founder and CTO, Tether
- Anastasija Plotnikova, Legal Adviser, ETHLend
- Martins Liberts, Co-Founder, Debitum Network
- Marius Parescius, Initiator, Business Hive Vilnius
- Natan Avidan, Founder, ORCA Alliance
- Jeremy Gardner, Founder, Augu