EU Delays Crypto Regulation Due to Translation Issues
The European Union (EU) recently announced that its scheduled regulation of cryptocurrencies has been delayed due to unforeseen translation issues.
This news came unexpectedly as many EU nations had already undergone preliminary steps towards installing appropriate regulations.
Why the delay?
When pressed for a reason, a EU spokesperson reported that the policy changed from state to state and it became difficult to accurately portray its details in different native languages.
In other words, the new regulations were so precise and intricate it was nearly impossible for EU bureaucrats to adequately describe the rules in multiple languages without introducing some errors.
The spokesperson further stated, “We might have met the deadline had we included more shortcuts, but then the regulations would become less precise and that defeats the purpose of regulating cryptocurrencies.”
Surprising Impact
Naturally, the news of this delay has had a tremendous impact on citizens and business owners who were hoping to take advantage of crypto trading opportunities.
However, the biggest surprise was to those who viewed the delay as a positive.
Some crypto enthusiast even celebrated the announcement as they believe the delay will give them more time to adjust to the new regulations.
An Opportunity to Refine
Now that the EU has decided to wait a while before finalizing its crypto regulations, officials have taken this opportunity to revise the language and better explain the core principles of the new rules.
To benefit all users, the EU hopes to break down the details even further, to make it easier for crypto investors and traders to understand their responsibilities.
Here are some of the topics the EU will be focusing on:
- Taxation of cryptocurrencies
- Identification of customers
- Anti-money laundering compliance
- Advertising rules
- Protection against criminal activities
Ultimately, this delay is for the betterment of everyone, as it gives EU officials the time they need to refine the regulations and place them into effective language.
We can only hope that the EU comes up with an acceptable solution in the near future. Until then, we’ll just have to wait and see what happens.
