Presidential candidate Michael Bloomberg proposed creating a regulatory framework for cryptocurrencies

Michael Bloomberg, billionaire, former mayor of New York, founder of Bloomberg LP and US presidential candidate,proposed creating a “clear” regulatory framework for the cryptocurrency industry.

In a new financial reform plan, he proposescreate a regulatory sandbox for startups, provide a “clear regulatory framework for cryptocurrencies,” create a centralized database for financial transactions, define a list of regulatory authorities for the cryptocurrency market, and introduce taxation of cryptocurrency transactions. 

Bloomberg promises that he will support innovation in the field of fintech technology, creating a safe environment for entrepreneurs and a regulatory framework for cryptocurrencies.

Bloomberg is the last of a small grouppresidential candidates who raised the issue of cryptocurrency regulation during their campaign. Following Rep. Eric Swawell (California) and Andrew Young, who had already retired, Bloomberg said:

Cryptocurrencies have become an asset class worth hundreds of billions of dollars, but oversight and oversight of the area remains fragmented and underdeveloped.