Two European Finance Regulators Urge the EU To Adopt Crypto and ICO Rules

Cryptocurrency and ICO regulations have been an open topic in Europe for quite a long period of time. Some finance regulators claim that it is high time the European Commission determined the place of crypto and ICO in European economy.

The European Banking Authority (EBA) stated that the current crypto asset-related activities did not comply with the EU financial laws, so that The EBA urged the EU to look into the crypto rules and identify what actions may be required at the EU level.

The representative of the EBA said:

“The EBA’s warnings to consumers and institutions on virtual currencies remain valid. The EBA calls on the European Commission to assess whether regulatory action is needed to achieve a common EU approach to crypto-assets. The EBA continues to monitor market developments from a prudential and consumer perspective.”

Moreover, the EBA advised to use the FATF’s recommendations. The Financial Action Task Force (FATF) is to issue a set of recommendations for crypto-related action in June 2019.

Another finance regulator, which supports the EBA, is the European Securities and Markets Authority (ESMA). It released a report which helps the authorities of the EU to make decisions on rules applied to crypto and ICO.

The spokesman of the ESMA said:

“Our survey of NCAs highlighted that some crypto-assets may qualify as MiFID financial instruments, in which case the full set of EU financial rules would apply. However, because the existing rules were not designed with these instruments in mind, NCAs face challenges in interpreting the existing requirements and certain requirements are not adapted to the specific characteristics of crypto-assets.”

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