Austria considers crypto market regulation

Posted 27 February, 2018

One more country has expressed intentions to take crypto market under regulation. This list of the countries has been extended with Austria this time. The country plans to regulate digital coins falling back to the rules for gold and derivatives trading.

According to the media reports, Vienna mainly focuses on the reduction of the use of cryptocurrency for money laundering. For that purposes, the government is going to apply traditional regulation means applied to the general financial products to this market segment as well.

"Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorist financing...We need more trust and security" Finance Minister Hartwig Loeger commented.

Among the rules, it should be mentioned mandative indemnification of transaction parties and reports to the state financial regulator about all deals exceeding $12,300.

Moreover, the government will reportedly regulate ICO as well. Specifically, this will be realized via a practice of the measures connected with the market manipulation (insider trading and advancing), so everyone who is going to launch ICO may present “digital prospectuses” to the financial regulator in the country, as the news report reads.

It is worth mentioning that this statement was made just after Vienna said about an investigation into the Optioment issue regarding the crypto scam that led to a loss of $115 million.

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