Advisers of the European regulator ESMA is recommended to regulate cryptocurrencies under the existing rules


Advisers of the European regulator ESMA is recommended to regulate cryptocurrencies under the existing rules

Somewhere over the ocean, smiles the head of the Commission on securities and stock exchanges of the USA Jay Clayton (pictured) is all that similar to the securities should be regulated as securities, and do not need to invent any new approaches.

The Advisory group, which advises the European securities and markets authority (ESMA) has published its recommendations on cryptocurrency and token-ICO. According to them, most cryptocurrency and token completely covered by existing rules and regulations. Although the issue is certainly complex, and requires further study. For example, it would be good to decide when and which rules should be applied.

The difficulty starts with cryptocurrency No. 1 bitcoin can be used in payments, but it has much more in common with investment activity, and associated with investment risks largely resemble the risks inherent in the capital market.

The same can be attributed to utility-tokens, but tokens of the assets used to attract funding to the project, have the features of various financial instruments. They can be regarded as securities and as exchange traded commodities, that is commodities, respectively, and the approach may be different.

The aimed was to adjust assets such as bitcoin, according to the EU Directive MiFID II (Markets in Financial Instruments Directive II), which entered into force in January 2018. However, given that ESMA acts within their authority and cannot make such a decision yourself, you must seek clarifications and explanations to other bodies including the European Commission.

We will remind that following the results of the September meeting of the Ministers of economy and Finance of the European Union in Vienna, the participants came to the following conclusion: crypto-currencies are already here, they are not going anywhere, and the EU needs to develop a new policy in relation to new industry.

Meanwhile, in the absence of EU policy towards cryptocurrency and regulatory standards, the regulators of individual countries act in its sole discretion. As a result, the regulation of cryptocracy may differ significantly even in neighboring countries, especially in Central and Eastern Europe.

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