European economic think tank Bruegel urged the European Union to adopt common rules on cryptocurrencies and scrutinize how these currencies are distributed to investors, Reuters reported.
In a report prepared for EU finance ministers, Bruegel called for EU-level regulation of crypto exchanges and clearer rules on Initial Coin Offerings, to control risks and exploit the potential of the industry and blockchain technology.
The report is submitted in preparation for the meeting of EU finance ministers on September 7 and 8 in Vienna.
Bruegel also noted that regulation of bitcoins as such is impossible due to their virtual nature, but crypto exchanges could be subject to stricter disclosure rules or even be banned.
The cryptocurrency market capitalization plunged sharply to around $200 billion in August from a peak of more than $800 billion in January.
However, crypto exchange business is expanding in Europe with more and more traders entering the region. Hong Kong-based crypto exchange Binance is said to move to Malta following a crackdown on exchanges in some Asian countries, mainly China.
In July, Malta officially became the world's first ever country to regulate distributed ledger technology or DLT after the Parliament passed three blockchain bills into law.
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