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European legislators are to create a single standard for the ICO

The European Parliament is to create a unified ICO standard

On Tuesday members of the European Parliament discussed a proposal to establish a standard for the ICO regulation within the economic bloc.

The united innovation group brought up for discussion potential benefits and risks, that may arise after the approval of the rules for ICO within the broader crowdfunding structure.

A proposal was put forward by Ashley Fox, European Parliament's member. He claimed a necessity to limit the tokens sales to 8 million EUR and comply the demands about depositors' identifying and fighting against money laundering.

In case of adoption of these regulation mechanisms by the European Parliament a unified standard for tokens sale can appear, in accordance with which projects' organizators will be able to attract investors and run business across all 28 the EU member states. According to Ashley Fox, the main goal of legislators is to make the most affordable and successful form of investment attracting by primary supply of coins.

Nicolas Brien, managing director of France Digitale, stated about an "urgent necessity of measures adoption" to create a single ICO standard. He said:

"The market needs legitimization in all jurisdictions. In the UK no bank will work with you, if you want to use cryptocurrency. I really welcome a proposal at the European level, because it will give people confidence. I think we should decide what exactly we are discussing ― service tokens or securities. In addition, it's important for us to know, what the regulatory regime thinks about it. I believe, that creation of standard is possible, as ICO is just a kind of crowdfunding".

Many representatives and regulators advocated a careful study of ICO because of the large number of fraudulent schemes in this area. Laura Royle from the British Management on financial regulation and supervision said:

"In this area we can see huge potential benefits for companies, that wish to raise funds from a wide range of investors. Such companies don't need to use the intermediaries services and spend additional resources. Meanwhile, there are certain risks ― the risk of fraud, lack of transparency and volatility. According to our data, from 25% to 81% of ICO may be fraudulent".

Members of the European Parliament, who participated in the meeting, didn't reach a verdict. However, they can make amendments to proposal until September 11, thereby creating preconditions for further discussion.


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