Crypto regulators all over the world are worried about the decentralized nature of blockchain transactions. According to them, it makes them ideal tools for money laundering. In fact, most of the illegal transactions are still denominated in US dollars.
Hartwig Loeger, Austria’s finance minister stated that rules currently governing precious metals and derivatives trading will enable the government to prevent cryptocurrencies from being used to launder illegal funds.
Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing. That’s an important aspect for the changes we support. We need more trust and more security.
Austria’s finance minister
In his opinion, ICOs should be essentially treated as securities and seek regulatory approval before they begin accepting contributions. He also stated that it was vital for the European Union to pursue an international regulatory framework on cryptocurrency.
On Friday, Loeger planned to discuss the issue with Portugal’s finance minister.