Austria is Planning for new Regulations for ICOs and Cryptocurrencies

Source : Austria is Planning for new Regulations for ICOs and Cryptocurrencies
Austria wants new Regulations on Bitcoin, ICOs, and other Cryptocurrencies
Austria is also becoming one of the countries which are planning to regulate cryptocurrencies and will also be using an existing model rule.
The government’s central attention is controlling the use of cryptocurrencies for money laundering. Moreover, the country wishes to increase oversight measures for traditional financial products to crypto assets.
Finance Minister Hartwig Loeger told:
“Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorist financing; as a result, he went on saying, we need more trust and security.”
Loeger described various steps the government has planned to implement, including requiring cryptocurrency market participants for identifying all trading parties and for disclosing trades of €10,000 ($12,300) or more to the government’s financial intelligence unit.
Loeger revealed that the regulation would also be including initial coin offerings (ICOs). The government will apply existing rules about market manipulation, insider trading and front-running, and organizers will need to submit “digital prospectuses” to the country’s Financial Market Authority (FMA). Loeger also recommended that the European Union should also implement cryptocurrency regulation.
Recently, Swiss Financial Market Supervisory Authority (FINMA) published guidelines for ICO Organizers. Following FINMA, Spain announced that it is going to legalize the cryptocurrencies and ICOs in the country. Teodoro Garcia Egea, the lawmaker of Spain, preparing the bill thinks it is in the interest of the major European country to welcome blockchain companies since the new technology could potentially drive innovation in finance, health, and education.
Gracia Egea told:
“The level of the digitalization for companies will be key. We hope to get the legislation ready this year.”

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