Debevoise Discusses Possible EU Approach to ICOs and Crypto-Assets

In the first week of 2019, both the European Securities and Markets Authority (“ESMA”) and the European Banking Authority (“EBA”) issued reports advising EU legislators on the regulation of “crypto-assets” and initial coin offerings (“ICOs”). The European Supervisory Authorities (“ESAs”), a body consisting of ESMA, EBA and the European Insurance and Occupational Pensions Authority, concurrently issued a joint report on innovation hubs and regulatory sandboxes.

The reports aim at clarifying the applicability and suitability of the EU financial regulatory framework to crypto-assets and providing recommendations for regulatory adjustments to address its shortcomings.

ESMA’S ADVICE ON CRYPTO-ASSETS AND INITIAL COIN OFFERINGS

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