The Austrian Minister of Digital and Economic Affairs told the ANON Blockchain summit that “Europe has a strong tendency to regulate excessively”.
The Minister of Digital and Economic Affairs of Austria, Margarete Schramböck, recently pointed out that the country could oppose European trends, leaving the country’s Blockchain technology sector unregulated. At least, his words show a disinterest in crypto legislations.
Schramböck stated about European regulations and the absence of companies in the Blockchain sector:
We do not need Blockchain regulations. […] Europe has a strong tendency to regulate in excess. And then people are surprised to see that there is no European company among the 10 best in the world.
Schramböck gave the speech during the summit of ANON Blockchain, in Vienna, an event that concluded yesterday.
“We do not regulate technologies such as machine learning”
Marta Piekarska, director of Ecosistemas de Hyperledger, echoed the thoughts of the minister, who declared: “We do not regulate technologies such as machine learning or C ++”.
However, Schramböck’s position seems to oppose statements made last year by the head of the Financial Markets Regulatory Authority (FMA), Klaus Kumpfmüller.
Kumpfmüller said the regulations for the Initial Cryptocurrency Offers (ICO) could be on the way. Last year the FMA presented proposed regulations to government ministries. However, the legislation has not yet materialized. Some commentators say he may have changed his mind.
Austria would be the first in Europe
If Austria decides to maintain a distant attitude towards regulation, it is very possible that – at the moment – it is the only one in Europe. Recent government actions in France, Germany, Russia, Switzerland and Great Britain suggest to some experts that fintech regulations are likely to be under way in one way or another.
Meanwhile, some say that Japan is likely to press for an international consensus on the Blockchain regulations and the ciptoms before the G20 summit in June. The Financial Services Agency of the Asian country clarified this week its position on the requirement that cryptocurrency changes in Japan report suspicious transactions, according to Crypto Watch.