Austria is going to introduce rules for crypto and ICO

Austria joins the list of states planning to introduce regulation of the crypto-currency market.

According to Bloomberg, the main problem for the government is the participation of digital currencies in money laundering.

As a model of regulation, existing rules for trading traditional financial products, including gold and derivatives, will be used.

According to Austrian finance minister Hartwig Logger, crypto-currencies significantly increase the need to combat money laundering and the financing of terrorist activities. Proceeding from this, it is necessary to secure this segment of the market.

Austria spoke about plans for the regulation of Crypto-Currency and ICO

The official told about what measures are planned to apply to participants of the crypto-currency market. So, mandatory identification of all bidders will be introduced. In addition, the details of all transactions amounting to more than € 10 thousand should be available to the Austrian Financial Intelligence Unit.

However, according to the statement of Logger, the new rules will not bypass the ICO. These laws will be applied on the territory of the country laws on market manipulation and insider trading. In addition, project managers will be required to provide "digital brochures" to the Financial Markets Management (FMA), Coindesk reports.

Author: Vasilisa Ming, Analyst Freedman Club Crypto News

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