ICO regulations will be “passport to the whole of the EU market” and increase “transparency”
Ashley Fox, a British Member of the European Parliament is of the opinion that new regulations for initial coin offerings (ICOs) will make them more “accessible” within the European Union.
On 4th September, in a meeting Fox discussed his authored proposal that would bring forth new rules for ICOs. The rules will also be implemented on individuals and businesses that conduct them. In an interview with CoinDesk, the member of Parliament, said that the proposal has been tailored to be a barrier to ICOs and its targeted proceeds of 8 million euros, authorization of know-your-customers rules, and in letting cryptocurrency startups have access to the entire EU. As time goes by, he added, more companies may wish to be regulated under the framework.
“What I’m aiming to do is bring transparency to ICOs, allowing intermediaries to perform the required due diligence. And the effect of this will be to provide an EU-wide law which gives a passport to the whole market.
“ICOs can carry on, but if they don’t fill the [criteria], they won’t benefit. [Introducing the regulations] will give them a passport to the whole of the EU market, and I also think it increases transparency. Right now you have 28 countries, some have national rules for raising money and some don’t have any rules at all. If you raise money in France, for example, you can only use that money in France.”
In the Image: Ashley Fox (Image via Wikimedia Commons)
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