The European Organization of Securities and Markets (ESMA) has allocated more than € 1 million to monitor activity in the field of cryptocurrency and financial technologies. These data are published in the work program of the Office for 2019.
The document says that ESMA will monitor current trends of fintech and cryptoindustry, identify all kinds of problems and risks associated with financial innovations, and also provide recommendations to market participants and consumers, if necessary.
It will also ensure compliance with the requirements set out in the EU Market and Financial Instruments Directive. The latter, in particular, affect suppliers of financial instruments such as contracts for difference (CFD) and binary options. The directive imposes a ban on marketing and distribution of CFD among retail investors and other restrictions for this market segment.
Earlier, the European banking organization published a report stating that smart contracts and blockchains are capable of solving many problems of the financial industry.
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