Regulatory Chair Supports New Digital Asset Regulations

In October 2018, the ESMA announced that it examined ICOs to realize how they should be regulated. The ESMA assessed ICOs to see how they comply with the securities regulations on a “case-by-case” foundation, in addition to investigating their impact on competition from the fundraising sector.
Released at Thu, 28 Feb 2019 00:10:00 +0000 Along with electronic assets, Maijoor suggested to extend new regulations to initial coin offerings (ICOs). Maijoor reportedly stated that most authorities support the concept that appropriate regulation is needed by cryptocurrencies if they received gain or lien rights, which makes them similar to assets. Maijoor allegedly explained his stance, stating “without new rules assets will fall beyond their regulation of rsquo & Europe;s regulations legislation. ” Maijoor continued: Delivering his address in Brussels, Belgium this week at the FinTech Conference 2019, ESMA Chairman Steven Maijoor outlined the need to be able to help investors to apply regulations to assets. He also voiced his support for expanding Europe’s Anti-Money Laundering (AML) needs to incorporate those involved with the market of a single crypto advantage to another, and not only the exchange involving crypto and fiat currency. That exact same month, the Financial Action Task Force (FATF) adopted changes to the criteria regarding digital currencies and firms involved with cryptocurrency-related pursuits. Per the changes, authorities should ensure that virtual advantage service suppliers -- exchanges, wallet suppliers, and suppliers of financial solutions such as ICOs -- are susceptible to AML and counter-terrorism funding (CFT) regulations.
“we are worried that the lack of financial rules leaves consumers exposed to risks Where crypto assets don't qualify as financial tools. [...] That makes it plain to see that we can't legally be eligible crypto assets via a ‘only one size fits all’ strategy. ”