Articles | 2019-02-27

Regulatory Update about Initial Coin Offerings and Crypto-Assets published by the European Securities and Markets Authority

The European Securities and Markets Authority (ESMA) published a set of Documents with its advice to European Union Institutions and information about Initial Coin Offerings (ICOs) and crypto-assets.

ESMA advice relates with the survey made in the summer of 2018 to National Competent Authorities where they were asked to issue their opinion on the qualification of certain crypto assets as “financial instruments” under national laws. Following such survey, ESMA assess the regulatory environment and its applicability to crypto assets. In that sense, the advice aims to clarify the existing EU rules applicable to crypto-assets that qualify as financial instruments and outlines ESMA’s position on gaps and issues that exist in the current EU financial regulatory framework for consideration by EU policymakers.

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