US or Swiss approach for EU crypto regulation?

The European Central Bank (ECB) recently said cryptocurrency regulation is outside their mandate. This has led to questions as to which body would provide a regulatory framework when it is inevitably introduced.As it stands it is unclear what approach European regulators will take; while European regulatory bodies have not been shy to insist that cryptocurrencies are not a wise investment, there has been a dearth of guidance provided to offer clues on their approach going forward. The Swiss Financial Market Supervisory Authority (Finma) is one of the few European regulators that has offered wide guidelines for initial coin offerings (ICOs), which could shape crypto regulation for the entire continent. From January to October last year, only the US raised morein ICOs than Switzerland, two countries that have arguably the most advanced regulation in place. The concern for EU-wide regulators is that providing regulation could legitimise an industry they disapprove of and arguably want investors to shy away from.