Austria will apply the principles of regulation of gold and derivatives to cryptocurrencies

Austria will apply the principles of regulation of gold and derivatives to cryptocurrencies

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The Austrian Ministry of Finance announced that it intends to regulate bitcoin and other cryptoсurrencies on the basis of gold and derivative instruments and expects the European Union to follow suit. This is written by Bloomberg.

Minister of Finance Hartwig Loeger explained that the rules used to regulate the turnover of precious metals and derivative trades will allow more effective struggle with the use of cryptocurrency as a tool for legalization of proceeds from crime.

“Cryptocurrencies have gained significant importance in the issue of combating money laundering and the financing of terrorism,” said Loeger. “This is an important aspect for the changes that we support. We need a higher degree of trust and security.”

He also stressed that tokens distributed through the ICO should be qualified as securities, and require that the organizers of such campaigns register “digital placements” in the relevant services, and also receive approval of regulators to conduct their activities before attracting funding.

At the same time, Loeger noted that bitcoin-transactions can not be limited within one state, which means that it is necessary to regulate the cryptocurrency, at least at the European level.

Earlier, about 10,000 investors became victims of a large fraudulent scheme using the cryptocurrency called “Optioment”, many of which are citizens of Austria.

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