The regulatory vacuum surrounding cryptocurrencies such as Bitcoin is harming their mainstream adoption, according to a number of Taylor Wessing partners.
Yesterday the UK Government called on the cryptocurrency community for advice on dealing with virtual currencies, as they investigate scope for Britain to support these new formats. Financial services in New York have also suggested introducing a 'bitlicense' in order to try to introduce some constraints on the process.
However, currencies such as Bitcoin will not gain widespread acceptance until EU legislation creates a single market standard to enhance trust and accessibility.
"The world is going digital: countries are looking at the imposition of 'internet' taxes and we already store many of our documents in the cloud and access money through our phones. Although this may seem complicated, we use these technologies readily enough in our everyday life. What consumers and merchants want is for transactions to be cost efficient, easy, accessible and secure and this is what legislators should be looking to provide. We suggest this will be addressed through EU legislation to create a single market standard across the EU to enhance trust and accessibility". Christine Flion and Stefania Grosso, Taylor Wessing, Brussels
"While a regulatory vacuum meant that the world of virtual currencies emerged rapidly, in our view this vacuum is now harmful to...