The status of cryptocurrency in Europe varies from country to country. The authorities in countries like France and Germany are not taking the boom that well, while Switzerland has accepted the nascent economy with open arms. With a view to offering European citizens with bank-like services, the blockchain firm European Crypto Bank is developing a banking and trading platform to offer a secure platform for Bitcoin and other cryptocurrency investments.
The platform is aiming to offer multiple services, such as a trading platform, cryptocurrency analysis, and tax assistance.
Initially, the platform will provide reporting and pieces of advice adapted to the statutory requirements of four European countries – France, Italy, England, Germany – but it is planning to expand its services to all EU members. The platform is also exploring the option of using artificial intelligence to advise its clients around the clock.
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In the official announcement, the company wrote: “The European investors should take the opportunity from the crypto-market simply while managing the risks.”
It added: “In front of a lack of regulations and the public institutions denying communication about the cryptocurrency market, the investors cannot benefit completely from this rising market. The crypto-currencies surge, as well as the leverage financing companies within the framework of ICO (Initial Coin Offering) by Token emission, take advantage essentially in Russia, Australia East Europe, and India. Some more-friendly countries know how to adapt their legislation and open this market to investors.”
Crypto Scene in Europe
As the digital economy is gaining popularity, many European countries are taking positive steps towards cryptocurrencies. Recently, the Swiss financial supervisor (FINMA) published guidelines that set out how the institution intends to apply financial market legislation to handle enquiries from ICO organizers.
Following Switzerland’s lead, the Spanish conservative party has announced that it is drafting new legislation which will favor cryptocurrency by giving tax breaks to blockchain firms.
However, countries like France is still up against the industry. The French financial minister has proposed a discussion on the regulation of cryptocurrency at the upcoming G20 summit, a proposal supported by Germany.