Starting from the data on the funds collected with this type of initiative in 2018, amounting to about $ 21 billion, three times as much as collected in 2017, the Vice-President presents this type of financial tool as a great opportunity for investments in technology, and states, without a doubt, that the phenomenon will not disappear in thin air but will remain over time.
ICOs are seen as an expression of blockchain technology from which they are considered inseparable. The Commission does not see any danger to the financial stability brought about by ICOs, but changes in the market can also lead to a change in this situation.
The high volatility of the market can pose problems that go far beyond the already implemented enlargement of the AML regulations, adapted to the new classes of financial assets, and that must be able to limit the risks of these initiatives while keeping intact the opportunities. In this situation, some countries have already become aware of the inadequacy of their legislation and have begun to legislate of their own accord, but it is necessary, according to the Vice-President, to define a basic framework decided by the European Parliament that gives common guidelines.
Let us remember that in the Union, ICOs are specifically regulated and favoured in Malta and Estonia, while France has prepared ad hoc legislation for the sector and is discussing tax reductions.
In general, ICOs are also allowed in regulatory frameworks that do not specifically provide for them.