As per the report, In the meeting held at Vienna, EU decided not to rush into regulating the crypto market. The situation is a win-win for Crypto market as stated by Gabriele Giancola, CEO and CO-founder of Qiibee. According to him, if the European authorities show any interest in regulating the market, then it will further increase the acceptance of crypto and blockchain space among users. In case they decide that regulating the space is not crucial, then it will rekindle more confidence in the space.

However, the views of Nicolas Gilot, Co-CEO of Ultra slightly differs from that of Giancola. According to Gilot, EU should not rush to govern the market. Such a move can only curb innovation, and it may derail Technological Advancement as well.

Cryptocurrencies and Blockchain require significant research and insights before implementing any regulations on it. Technological innovations need the freedom for further exploration and study rather than shackling them in rules. Gilot says that developing blockchain to its full potential may require some additional time. He is optimistic that in coming years implementing regulation may prove fruitful to the blockchain technology, but now it will only disrupt a potential innovation.

In July, EU used the term ‘VC’ for virtual currencies and asked economists not to dismiss them. EU report that Cryptocurrencies should not be banned but a proper regulation should be implemented to regulate them accurately. Post the statement, days ago; the European Parliament proposed an EU-wide ICO Regulatory Framework.