Some cryptocurrencies can be classified as financial instruments in accordance with the EU Directive “O markets in financial instruments” (MiFID). This was stated by the representatives of the European securities and markets authority (ESMA), writes CoinDesk.

According to experts, this category will include assets associated with the possibility of profit, for example, in primary offerings of coins (ICO). They will apply a full set of rules applicable in the EU.

“All other non-financial instruments assets shall be subject to the laws on countering money laundering”, — explained in the ESMA.

However, added the regulator, the classification problem “remains open and requires the revision of certain requirements” and therefore the discussion should occur at the European level.

For the protection of investors and experts propose ESMA to oblige companies to disclose risks of all without exception of the crypto products.

“With proper regulation of the ICO can be an effective tool,” — believe in the ESMA.

In turn, the European banking authority (EBA) urged the European Commission to explore the necessity of creating a single captopril in the region.

“EBA warnings about the risky nature of virtual currencies remain in force,” recalled the Executive Director of the EBA Adam Farkas.

Also the EBA called on the Commission to conduct analysis to listen to the recommendations of the Group of development of financial measures of struggle against money-laundering (FATF), which will be published in June 2019.

We will remind, members of the Eurasian economic Union countries — Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan — are also planning to develop a common approach to the regulation of cryptocurrencies and ICO.

In November the Deputy General counsel of the IMF Ross Leckow stated that the ongoing International monetary Fund experiments in the field of blockchain will form the basis for the formation of the vector regulation of the cryptocurrency industry.

Download the app ForkLog for Android smartphones!