ESMA Advised to Extend Existing Law to Include Cryptocurrency

[kreslik.news]

The European Securities and Markets Authority (ESMA) has been advised to regulate cryptocurrency under existing regulations, according to CoinDesk.

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“Most crypto-assets are covered…”

The Securities and Markets Stakeholders Group, which provides the EU financial regulator with technical advice on policy development and implementation, concluded that:

“Most crypto-assets are covered by the Unfair Commercial Practices Directive (UCPD 2005/29/EC), to the extent the issuer is a business undertaking and the buyer of the crypto-asset a consumer.”

Token definitions

The 36-page report, published on the 19th of October, identifies that different kinds of crypto-tokens have different purposes and should have different ... (read more)