The Finance Ministers of the European Union countries are taking a closer look at the cryptographic paradigm and the regulatory challenges they have created. They will soon meet to discuss whether tightening of sectoral regulations should be tightened and examine a variety of issues, including the use of crypto money for illegal purposes such as money laundering, tax evasion, terrorist financing.

According to the draft note obtained by Bloomberg, the meeting will take place on September 7th in Austrian capital city Vienna.

In the meantime, the meeting may not be entirely negative because European regulators see ICOs as an effective way to boost capital, and they are interested in how crypto-money can modernize the existing economic systems.

On the other hand, it is not clear that there will not be any stiff attitude that will affect the crypto money market.

Regulators around the world are in the race to control one of the biggest investment spirits in a wide range from tight crypto monetary policies in China to applying a stock exchange license in Japan.

In Europe, however, wild price fluctuations in the markets have led to a warning that existing EU laws have not provided any protection to investors. The European Commission, the EU's executive branch, has committed to monitoring developments and has decided that further action is needed with other agencies.