Austrian Financial Regulators Called for Toughen Regulation Rates for the Cryptocurrency Area

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The directors of the Austrian Financial Market Authority (FMA) Klaus Kumpfmüller and Helmut Ettl proposed the introduction of more stringent norms and standards for the regulation of the cryptocurrency sphere and ICO.

As reported by Die Presse on June 29, Kumpfmüller said that it is necessary to introduce stricter norms for the regulation of the cryptocurrency and ICO, guided by the standards applied to the securities. He is sure that it is necessary to apply the requirements based on the threshold value, which is not more than 2 million euros. Also, Kumpfmüller is sure that it is necessary to introduce a concession obligation for distributors of cryptocurrencies, which will be treated as securities.

Ettl noted that the proposed standards are similar to the rules applied for financial institutions that are required to obtain an appropriate license. It is worth noting that, in accordance with Austrian law, at the moment the cryptocurrency sphere does not have such regulatory standards. Also, only last year FMA filed about 30 applications for violations in the cryptocurrency area.

As reported by the FMA Executive Board, such aspects as money laundering are regulated exclusively by law, while a positive aspect in this matter is the supervision of the ministry. Also, Ettl noted that the FMA should maintain an integrated, independent approach to the supervision of the financial sector.

It is worth noting that in the regulation of the cryptocurrency sphere, the point of view of the Minister of Finance and the FMA are very similar. Löger noted the need for more stringent regulation of the crypto-currency sphere.

This post is also available in: ruРусский

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