The European banking authority (EBA) and European securities and markets authority (ESMA) called for the implementation of common regulatory requirements for the ICO and cryptocurrency at the EU level.
In the report, with the recommendations of the European Commission in respect of scriptaction EBA emphasized that financial regulators in the region are paying them little attention, as well as custodial services, trading platforms, and in addition, practice a different approach in this area. According to the authors of the document, it poses potential risks to protect the interests of customers, operating stability, market integrity and equal partnership. In this regard, the organization has justified the urgent need for economic analysis to determine the next steps in this field and advised to listen to the previously published recommendations of the FATF on the topic.
In 2019 EBA intends to develop a General scheme of monitoring activities associated with cryptocurrencies, to assess the business practices in the field of advertising and to determine scriptaction Bank approaches to them.
However, in the ESMA report, which appeared on the same day and addressed to several EU institutions, including the European Commission, the European Council and the European Parliament presented the position of the supervisor on the regulation of cryptosphere and ICO on the basis of existing regulatory requirements and the implementation of the missing.
For example, according to ESMA, some scriptactive can fall under the EU Directive “O markets in financial instruments” (MiFID) and classified as financial instruments, and those that do not fit into the definition of this normative document shall meet the requirements of the AML policy. In addition, should be further developed to provide the user information on the potential risk of investing in scriptactive.
We will remind, in the autumn of 2018, it became known that ESMA has planned to allocate in 2019 1.1 million euros for the implementation of the monitoring and regulation of new financial technologies, including cryptocurrencies. She also has extended until February the restriction on the marketing, distribution and sale of contracts for difference (CFD) related to cryptocurrency.