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ARTICLE · 15 JANUARY 2019

ICOs In The Spotlight – ESMA Issues A First Statement On Regulated Risks Of ICOs

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ESMA puts all firms involved in ICOs on notice, asking them to consider whether they are involved in regulated activities.

LuxembourgFinance and Banking
Atoz Tax Advisers
Atoz Tax Advisers
Suzana Guzu Mercea
Suzana Guzu Mercea

Based on its initial observations of the rapid growth of the market, on 13 November the European Securities and Markets Authority (ESMA) issued two statements on the associated risks to which firms and investors are subject in relation to their involvement with ICO offering or investments1, echoing recent positions on the ICOs taken by other regulators2.

These papers broadly draw the EU market attention on the fact that (i) on one hand, firms involved in ICOs must give careful considerations as to whether their activities constitute a regulated activity subject to relevant EU rules and (ii) on the other hand, investors must pay attention to their risk exposure with regards to their investments in ICOs, in particular if these ICOs do not benefit from a regulatory protection.

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