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ARTICLE · 17 JANUARY 2019

European Financial Regulator Calls For Common Regulatory Framework For ICOs And Crypto-Assets

Hogan Lovells Cadwalader
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In a new report, the European Securities and Markets Authority ("ESMA") addressed the need for a uniform set of EU-wide regulations applicable to Initial Coin Offerings ("ICOs") and other crypto-assets.

European UnionTechnology
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In a new report, the European Securities and Markets Authority ("ESMA") addressed the need for a uniform set of EU-wide regulations applicable to Initial Coin Offerings ("ICOs") and other crypto-assets.

In Advice: Initial Coin Offerings and Crypto-Assets, ESMA stated it had concerns with respect to transactions in (i) crypto-assets that qualify as financial instruments under the EU Markets in Financial Instruments Directive ("MiFID") and (ii) crypto-assets that do not qualify as financial instruments under MiFID.

For the former, ESMA stated that such instruments would be subject to existing requirements under applicable EU regulations, and highlighted issues to be addressed regarding the application of existing regulations to transactions in crypto-assets.

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