Members of the European Parliament held a meeting to discuss an offer on Tuesday, that, if approved then the new rules will be made on the initial coin offerings within the economic bloc.
Within the EU Parliament, the All-Party Innovative Group met with the ICOs rules to inspect potential benefits and issues that would become part of a broad crowdfunding structure.
As previously mentioned, the proposal was written by Ashley Fox, member of the European Parliament. Fox said to know about the 8 million euro cap on token sales proceeds as well as its customer/ anti-money laundering requirements.
Perhaps more importantly, if the rules are adopted by the European Parliament, this token can be a standard for sale, which allows projects to raise funds and trade in any of the 28 member nations.
During a meeting, Nicolas Brien, managing director of France, said that “to create such a standard” there is an emergency to act. This is particularly bad in the UK, none of the banks will bank if you have crypto.
Laura Royle of the Financial Authority said that “we certainly see big potential benefits in this place for companies to raise capital without a wide range of investors but there are such risks because there is a possibility of fraud with lack of transparency and instability.
The FCA, in particular, has been “high proportion” of fraud, it continues, although accurate statistics are difficult to establish. During the meeting, there was no clear consensus on the path, the European Parliament can submit amendments to the proposal by September 11 – thereby further establishing a forum for debate.