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Austria Planning New Laws for Cryptocurrency, ICOs

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Austria has joined the listing of nations planning to manage cryptocurrencies and can use as a mannequin present guidelines for the buying and selling of gold and derivatives.

The federal government’s central concern is curbing the usage of cryptocurrencies for cash laundering, Bloomberg stories. Likewise, it needs to increase oversight measures for conventional monetary merchandise to crypto property.

“Cryptocurrencies are considerably gaining significance within the combat towards cash laundering and terrorism financing,” Finance Minister Hartwig Loeger was quoted as saying. Because of this, he went on to say, “We want extra belief and safety.”

Loeger outlined a number of measures the federal government plans to implement, together with requiring cryptocurrency market individuals to determine all buying and selling events and to reveal trades of €10,000 ($12,300) or extra to the federal government’s monetary intelligence unit.

The regulation can even cowl preliminary coin choices (ICOs), Loeger stated. The federal government will apply present guidelines relating to market manipulation, insider buying and selling and front-running, and organizers might be required to submit “digital prospectuses” to the nation’s Monetary Market Authority (FMA).

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The finance minister’s statements come on the heels of a report that the Austrian authorities is searching for suspects in an alleged bitcoin rip-off by an organization known as Optioment, which can have resulted in investor losses of as much as $115 million.

Loeger additionally steered that the European Union ought to implement cryptocurrency regulation. This may increasingly effectively come to fruition because the European Fee introduced Thursday that prime central financial institution and market supervision figures along with unidentified “market gamers” will meet subsequent week to debate the matter.

Austrian parliament picture by way of Shutterstock

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