The European Securities and Markets Authority has announced it is examining Initial Coin Offerings to determine how they should be regulated, Reuters reported Oct. 8.The ESMA was established in 2011 in Paris, France, with an objective to develop a common rulebook for European Union financial markets and supervise them.
The ESMA also works closely with the other European Supervisory Authorities competent in the field of banking, and insurance and occupational pensions.
According to Reuters, the ESMA is assessing ICOs to see how they comply with the existing securities regulations on a "Case-by-case" basis, as well as their impact on competition in the fundraising sector.
Steven Maijoor, chair of the ESMA, reportedly said that ICOs have had "Difficulty" showing their viability and what extra benefits they bring compared with traditional capital raising.
"The subsequent question is what do we do with those ICOs that are outside the regulatory world. We will assess that as a board. We expect to report by the end of the year."
Rea Enria, chair of the European Banking Authority, said that he considered allowing ICOs to develop without a set of specific E.U. rules but, "This is not working as expected."
Earlier this month, the ESMA revealed its 2019 Annual Work Program, where the agency cites a 1.1 million euro program and its objectives for the next year, which include the regulation and supervisory treatment of new financial activities, focusing on fintech and crypto assets.
Last month, the ESMA announced its decision to extend its restrictions on contracts for differences, including crypto-based ones.
The restrictions, which originally came into effect on Aug. 1, will be renewed for another three months on Nov. 1.
The agency justified its move with "Significant investor protection concern" related to the offering of CFDs to retail clients.
EU Markets Regulator Examines ICOs to Determine Regulations
Publicado en Oct 9, 2018
by Cointele | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.