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European financial regulator intends to determine the approach to ICO

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The European Organization of Securities and Markets (ESMA) is studying all ICOs present in the market and plans to prepare a report by the end of this year in which it will state its position on the regulation of this sphere. About this writes Reuters .

Speaking on Monday before the European Parliament’s economic affairs committee, ESMA Chairman Stephen Major said that some ICOs are similar to financial instruments. Consequently, this gives grounds to apply certain regulatory requirements to them. Nevertheless, the ESMA continues to analyze the approach to ICO, which do not fall into this category.

“The next question concerns ICOs that are out of regulation? We have to give a collective response to it, and we expect to publish the relevant report before the end of the year, ” said Stephen Mayor.

At the same time, the Chairman of the European Banking Organization (EBA), Andrea Enria, expressed the opinion that innovative projects like ICO could be allowed to develop without any specific rules.

“It doesn't work as expected, ” he said.

Recall last week the ESMA reported that it allocated more than € 1 million to monitor activity in the field of cryptocurrency and financial technologies. In particular, the organization will monitor current trends of the financial and crypto-industry, identify all kinds of problems and risks associated with financial innovations, and provide, if necessary, recommendations to market participants and consumers.

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