Remarks by vice-president Dombrovskis at the roundtable on cryptocurrencies
26 February 2018
Commission Vice-President Dombrovskis discussed cryptocurrencies with key authorities, industry representatives and experts. The aim was first and foremost to feed into the upcoming Action Plan on FinTech, and the EU's position for a possible discussion at G20 level.
Crypto-asset markets are global, with worldwide transactions between investors, consumers and intermediaries.
On its own, Europe represents only a small share of global cryptocurrency trading, so we need to work together with our partners in the G20 and international standard-setters.
This roundtable focused on three main topics:
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the implications of crypto-currencies for financial markets,
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the risks and the opportunities associated with their use,
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and the recent development of Initial Coin Offerings.
And concluded that:
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First, the blockchain technology holds strong promise for financial markets. To remain competitive, Europe must embrace this innovation.
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Second, crypto-currencies, which are not currencies in the traditional sense, and whose value is not guaranteed, have become subject of considerable speculation.
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Third conclusion is that warnings about these risks to consumers and investors are important: these must be clear, frequent, and across all jurisdictions.
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Fourth, Initial Coin Offerings have become a way for innovative firms in this field to raise substantial amounts of funding.
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Fifth, there is need to assess further under what circumstances crypto-currencies and related services are covered by existing regulation.
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Finally, crypto-assets present risks relating to money laundering and the financing of illicit activities.
That is why the Commission proposed that virtual currency exchanges and wallet providers should be subject to the Anti-Money Laundering Directive.
To sum up, the Commission will continue to monitor these markets together with other stakeholders, at EU and international level, including in the G20.
Full speech
© European Commission
