It seems that European regulators reached a compromise on the issue of the legal status of IPO coins (ICO). Reuters reports that the experts decided to determine whether the ICO sale of securities or not, separately in each case.
A topical issue is discussed by the European securities and markets authority (ESMA), led by President Steven MAGURA (Steven Maijoor) at the meeting of the Committee on economic and monetary Affairs of the European Parliament (ECON). ESMA is of the opinion that some ICO is really similar to the work financial instruments that should be regulated by specialized regulatory rules. However, the organization recognizes that not all such campaigns have such properties and therefore attempts to determine the most appropriate for their regulation.
“Next question — what should we do with ICO, which are outside the regulated field. We will assess the situation and hope to provide a report by the end of the year,” said Major.
About a week ago it became known that ESMA is going to spend more than one million dollars for monitoring cryptocurrency and other types of financial activities in the coming year. As explained by the organization in an official document on the budget, all these questions she would consider in the framework of its powers to protect the financial condition of the economic bloc. Due to the fact that cryptocurrency activity is associated with greater risk, ESMA intends to pay her special attention.
My goal for the next year, the organization defines as “achieving a coordinated approach to the regulation and control of new or innovative financial activities”. In addition, ESMA is planning to make a list of recommendations to the European cryptocurrency organizations, players in this market and major end-users. However, no details of the regulator has not yet submitted.
Recall that in August ECON has proposed to develop new regulations for IPO coins (ICO). As explained by the representatives of the Committee, the regulation will give the ICO the ability to carry out activities in the framework of the law.