European Supervisory Authorities Recommend EU-wide Approach on ICOs and Crypto-Assets
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Key takeaways:
- European Securities and Markets Authority (“ESMA”) and the European Banking Authority advise EU legislators on regulation of “crypto-assets” and initial coin offerings
- The authorities clarify the applicability of existing EU financial regulatory framework to certain crypto-assets and suggest regulatory adjustments
- ESMA invites considering a bespoke regime for yet unregulated crypto-assets
- EU financial regulators discuss coordination of regulatory sandboxes and innovation hubs