Fox initially raised the subject a couple of weeks back, having composed a draft report on the subject which was promptly tabled by those present.
Clearly Fox is keen to get the guidelines through as he today raised the subject once more, according to reports.
The European Commission (EC) is apparently working on an official proposal that would create the framework for crowdfunding, but that is not expected to be released until March 2019.
Little guidance for ICO organisers
As things stand, there is little guidance for ICO organisers looking to launch token sales with the EU.
Most launch in places like Gibraltar or Luxembourg and these countries, along with a handful of others, have a adopted a relaxed attitude toward cryptocurrencies and ICOs.
However, the European economy would no doubt benefit from having clear, universal guidelines for ICOs as this would welcome revenue from other areas.
Consumers deserve protective measures
Despite recent bearishness, cryptocurrencies don’t seem to be going anywhere anytime soon and many are likely put-off getting involved because of the lack of guidelines and the accompanying fear of breaking the rules.
Although Fox (pictured above) evidently sees the value in cryptocurrencies and token sales, he is determined to ensure consumers are protected from scams and other nefarious activities; this seems to be his main motivation behind pushing the draft proposal.
It would seem that crowdfunding platforms across Europe will become regulated in the next year with or without the proposed draft from Ashley Fox, in a bid to protect investors from potentially spurious ICO projects on the continent.
Indeed, the ongoing debate in regards to centralized and decentralized crypto exchanges burns will continue to rage on, but one thing we can be certain of is the European Commission’s wishes to regulate the exchange industry.