The European securities and markets authority (ESMA) is reviewing all in-market ICO and plans to the end of this year to prepare a report that would state its position regarding the regulation of this sphere. About it writes Reuters.
Speaking on Monday before the European Parliament’s Committee on economic Affairs, Chairman of ESMA, Steven Major, said that some ICO similar financial instruments. Therefore, this gives grounds to apply certain regulatory requirements. However, ESMA continues to analyze the approach to the ICO, who in this category do not fall.
“The next question concerns the ICO, who are out of control? We need to give a collective response, and we expect to publish the corresponding report before the end of the year,” said Steven Major.
At the same time the Chairman of the European banking authority (EBA) Andrea Enria expressed the view that innovative projects like the ICO can be allowed to develop without any specific rules.
“It works not like expected”, — he said.
We will remind, last week, ESMA announced that it has allocated more than €1 million for monitoring activity in the field of cryptocurrency and financial technology. In particular, the organization will follow the current trends in FINTECH – and kriptonyte, to identify various problems and risks associated with financial innovation and to provide necessary guidance to market participants and consumers.