Austria’s Minister of Finance, Hartwig Löger, has put the topic of “crypto” on top of the financial agenda during the Austrian Council Presidency.
Initial coin offerings (ICOs) can be a valuable tool for European companies to gain access to funding. Funding via ICOs reached a volume of more than $ 7Bn in March 2018, but there was a dramatic decline to $ 926 million in July.
“Currently, this market is largely unregulated, particularly in comparison with other sectors. For us, it is a question of clear rules of the game for companies, customers and consumers in order to make crypto assets usable as financial instruments, and not a question of excessive regulation,” Austria’s Minister of Finance, Hartwig Löger, pointed
Growth-promoting regulation should tap this potential for European companies as a serious financing instrument and enable stable market development. At the same time, the investment universe will be expanded by high-quality ICOs, and consumers get access to alternative investment opportunities. Close coordination between legislators, regulators and industry is crucial for the development of these promising markets.
“With a vision for Europe, we want to make the location more attractive for crypto assets and develop a European plan to position ourselves more strongly in this emerging segment,” says Löger.
Lögger informed the press on the Austrian rotating EU Presidency’s plans related to crypto currencies ath the end of the first day of the two day informal meeting of economic and financial affairs ministers currently being held in Vienna.
Image over the headline.- Image over the headline.- Austria Federal Minister of Finance Hartwig Löger at the informal meeting of economic and financial affairs ministers bein held on 7th and 8th September 2018 in Vienna. Photo © BMF/Wilke
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