The European Securities and Markets Authority (ESMA) has
published on the 9th of January 2019 its advice on Initial Coin
Offerings ("ICO") and Crypto- Assets (ESMA50-157-1391),
addressed to the European Union (EU) Institutions, that is, the
Commission, the Council and the Parliament. The advice is the
result of collaboration between ESMA and the National Competent
Authorities (NCAs) of the EU Member States.
Crypto-assets are a type of private asset that depends primarily
on cryptography and Distributed Ledger Technology (DLT).
Crypto-assets are relatively new and the market is evolving. There
are a wide variety of crypto-assets, examples of which include,
cryptocurrencies or virtual currencies, like Bitcoin, and digital
tokens issued through Initial Coin Offerings (ICOs). Most
crypto-assets have hybrid features.
