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Cryptos Rally as France Passes ICO Law

Bitcoin inched forward on Friday.

Investing.com - Cryptocurrencies rallied on Friday as the CEO of the Gibraltar Blockchain Exchange criticized the lack of regulation in the European Union.

Bitcoin rallied 0.13% to $6,467.60 on the Bitfinex exchange, as of 9:04 AM ET (13:04 GMT).

Cryptocurrencies overall were higher, with the coin market cap of total market capitalization at $199 billion at the time of writing, compared to $197 billion on Thursday.

Ethereum,or Ether, the second-biggest alternative currency by market cap, rose 5.02% to $208.52. XRP, the third-largest virtual currency, increased 0.52% to $0.27610, and Litecoin was at $53.664, down 0.20%.

Nick Cowan, CEO of the Gibraltar Blockchain Exchange, said that the lack of regulation in the European Union adversely impacts the industry.

“A lack of EU-wide crypto regulation is a deterrent to blockchain innovation and will continue to hinder adoption of the technology by mainstream financial service providers going forward,” he told Cryptovest.

His comments came after news this week that EU regulators are waiting on digital currency regulation until regulators make an analysis of the market. As virtual coins have risen in popularity, governments around the world are struggling with how to respond. So far there are no overarching laws in the EU in regards to cryptocurrencies and blockchain, the technology behind bitcoin.

On Wednesday French lawmakers passed a law that set out guidelines for initial coin offerings, enabling the financial regulator Authorité des Marchés Financiers (AMF), to approve and issue permits to companies offering ICOs.

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