The European Parliament’s Committee on Economic and Monetary Affairs has called for the creation of strict regulations pertaining to initial coin offerings (ICOs). Parliament Members Call for Regulations In a report published Aug. 10, select Members of the European Parliament (MEP) presented their opinions and comments on regulating and legalizing token issuance platforms and businesses present in the EU. The draft was spearheaded by Ashley Fox, an MEP representing the U.K. While regulations on ICOs have been pursued since 2017, a formal proposal by the European Commision was first made in March under the pretext of a “crowd-funded, peer-to-peer financial system.” Fox’s proposal takes that idea further and defines ICOs in a proper legal language as well as drafts a framework for regulating token sales, an activity which has gained notoriety following several exit scams and lack of reliable products. Not only does the proposal provide a solution for
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