On September 4, the Innovation Group of the European Parliament’s Committee on Economic and Monetary Affairs met to discuss a proposal presented by the rapporteur Ashley Fox,1 member of the European Parliament, to include a framework for initial coin offerings (ICOs) within the proposed European Union (EU) financial services regulatory regime for crowdfunding2 (see European Commission (Commission) proposal COM(2018) 113 final).3
As part of the public discussion, the Commission, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the UK Financial Conduct Authority (FCA) were present to provide their thoughts.
The Commission’s representative on the EU legal landscape gave a useful overview that could be relevant to ICOs (see 13:30 onward in the video linked in the footnotes). ESMA gave some interesting insights into work it has been doing during 2018 regarding cryptocurrency and ICO regulation, following the publication of its work program for the year that noted that ESMA would be undertaking a “thorough analysis of the regulatory implications of ICOs with an effort to determine when they fall into regulatory scope.”
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