European cryptocurrency exchanges renewed calls for suitable regulations as the international legal landscape continues to vary, Bloomberg reports May 7.
Speaking to Bloomberg, UK trading platform eToro and Austrian exchange Bitpanda voiced concerns that both inadequate and overbearing antimoney laundering and/or know your customer (AML/KYC) regulation would not allow them to “know where they stand” as businesses.
“We’d be happy to have regulations, so we know where we stand,” Bitpanda CEO Eric Demuth told the publication.
In 2018, despite rapid movements to firm up requirements for crypto exchange from some governments such as South Korea, other jurisdictions continue to struggle with the phenomenon.
Last month, India’s central bank said institutions should stop serving crypto businesses entirely by July, a move which two companies will challenge in court in May.
EU regulators including the European Central Bank have supported an international effort to standardize the rules, while some sources have conversely said that the industry is too small to warrant urgent action.
In February, the ECB’s Chair of the Supervisory Board Daniele Nouy told mainstream press that crypto regulation was “not exactly very high on its to-do list.”
For businesses, however, sudden moves can produce significant repercussions.
“The benefits of regulation are clear,” eToro Managing Director Iqbal Gandham added.
“An appropriate framework would serve to both protect consumers, and ensure the longevity and legitimacy of the industry itself.”
Grantham is chair of a UK-based industry group CryptoUK, which aims to lobby for increased transparency.