EU Legislators Consider Setting ICO Standards
September 6, 2018
The European Parliament members have held a meeting to consider a proposal which would lay a basis for ICO management in the economic framework.
The All-Party Innovation Group has regarded possible pros and cons the basic standards for ICO campaign management may bring.
Ashley Fox, a EU Parliament member, has proposed to limit digital coin sales to 8 million euro and impose anti-money laundering and investor identification requirements. Given this proposal legally approved, the EU is likely to have a standard for ICO which provides opportunities to initiate campaigns and attracting investors across all the 28 member countries.
Nicolas Brien, France Digital director, told that there is urgent need in taking measures to elaborate such a standard. The UK banks do not serve the clients involved in digital coin matters. In addition, many other managers supported this stance of more intense ICO regulation due to numerous fraudulent schemes in the industry.
According to Laura Royle from the Financial Conduct Authority (FCA) the UK has been subject to fraud to the major extent: approximately 25-81% of ICOs are scams.
No specific decision was taken during the meeting, the EU parliamentarians can make amendments until September 11 which will be taken account of at the next meeting on this issue.