Large brokers in Europe are calling for the clear rules for the regulation of cryptocurrencies. Legitimization of cryptology will eliminate the idea of cryptocurrencies as a way of laundering illegal proceeds. This is reported by Bloomberg.
Such brokers as eToro and Bitpanda are ready to help the authorities legalize and settle cryptomarket. It is believed that this will lead to the industry of institutional investors.
These large brokers working with crypto-currencies need to establish the KYC and AML rules for cryptology.
Erik Demuth, CEO of Bitpanda, said that his company is in serious negotiations with regulators in Austria, where Bitpanda is based.
Major crypto-brokers need well-defined rules that will ensure the legitimacy of the business, Demut believes.
The benefits of regulation are clear. An appropriate framework would serve to both protect consumers, and ensure the longevity and legitimacy of the industry itself.
Managing Director, eToro
At the moment, financial regulation in Europe practically does not allow large hedge funds to interact with unregulated markets.