brown leather bifold wallet with banknotes sticking out

EU Agrees to Open Up to Crypto Businesses but Puts Focus on Regulation

EU Home Affairs Commissioner Ilva Johansson said on Feb. 18 at a security conference in Munich that the EU is open to cryptocurrencies such as bitcoin or the digital euro but must first strengthen regulation to prevent fraud.

“I am open to digital currencies. But we need proper regulatory controls. So organized crime and terrorists can’t take advantage of the fact that some networks allow anonymous transactions.”

Ms Johansson said

Bloomberg News reports that Ms. Johansson’s statement suggests that Europe is more likely to accept cryptocurrencies than China, which recently banned all crypto transactions.

Sam Bankman-Fried, CEO and co-founder of Bahamas-based crypto trading platform FTX, acknowledges that there is a risk of criminals using cryptocurrencies, but the platforms are believed to have much stronger regulatory mechanisms in place.

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