The European politician Ashley Fox held a special meeting in the European Parliament in order to discuss the further development of initial token offering in the member countries.
During the meeting he proposed a set of precise regulations that are going to make the process of ICO way easier and way more user-available. The rules include the following ones:
- conducting KYC (know-your-customer) and anti money laundering procedures;
- establishing a hard cap of no higher than 8 million euro;
- providing access to the token sale for the citizens of all EU states.
According to Fox, these regulations are not obligatory just yet, however, he believes that both the projects, customers and regulators will all benefit from complying with them.
“[It] will give them a passport to the whole of the EU market,” he stated.
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