European Regulatory Chief Wants New Rules for Cryptocurrencies — Is It Really About Protecting Investors?
Abhimanyu Krishnan's original article for www.investinblockchain.com reduced by 43%
As countries all over the world are mulling over the exact regulatory framework required for cryptocurrency, the chairman of the European Securities and Markets Authority has made it known that he supports a regulatory framework for the benefit of investors, RollCall reports. Where crypto-assets do not qualify as financial instruments. We are concerned that the absence of applicable financial rules leaves consumers exposed to substantial risks.
Crypto assets are quite different from traditional asset classes, and lawmakers will want to put sensible regulation in place that will prevent malicious behavior, while also promoting innovation and entrepreneurship. The ESMA chairman also feels that regulation should encompass ICOs, and that cryptocurrencies should fall under Anti-Money Laundering laws. With the former, the idea is that crypto assets that offer dividends should receive strict laws governing it, while the latter wants to eliminate money laundering in crypto-t.o-crypto conversions and crypto-fiat conversions.
In October 2018, ESMA began examining ICOs on a case-by-case basis.
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Summarised crypto news.