{"id":2555,"date":"2018-10-25T13:03:54","date_gmt":"2018-10-25T12:03:54","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=2555"},"modified":"2019-09-09T09:15:29","modified_gmt":"2019-09-09T08:15:29","slug":"esma","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/esma\/","title":{"rendered":"ESMA: European Commission to regulate the crypto space with existing legislation"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">1 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2556 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/esma-european-commission-to-regulate-the-crypto-space-with-existing-legislation-e1540468734894.png\" alt=\"ESMA: European Commission to regulate the crypto space with existing legislation\" width=\"700\" height=\"441\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/esma-european-commission-to-regulate-the-crypto-space-with-existing-legislation-e1540468734894.png 700w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/esma-european-commission-to-regulate-the-crypto-space-with-existing-legislation-e1540468734894-300x189.png 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/esma-european-commission-to-regulate-the-crypto-space-with-existing-legislation-e1540468734894-370x233.png 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/10\/esma-european-commission-to-regulate-the-crypto-space-with-existing-legislation-e1540468734894-424x267.png 424w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The European Securities and Markets Authority (ESMA) \u00a0new report recommends to the European Commission that it regulate the cryptocurrency space with existing legislation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rather than instilling new rules and laws. This the Securities and Markets Stakeholder Group (SMSG) wrote in their report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to<\/span><a href=\"https:\/\/bitcoinmagazine.com\/\"><span style=\"font-weight: 400;\"> bitcoinmagazine.com<\/span><\/a><span style=\"font-weight: 400;\">, the report identifies that most crypto assets are covered by the Unfair Commercial Practices Directive. That regulates unfair business practices<\/span><span style=\"font-size: 1rem;\">\u00a0in the European Union.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-size: 1rem;\">Therefore, requires correlated laws. As a result, to incorporate it into each member state\u2019s legal system.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/esma\/#Questions\" >Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/esma\/#Speaking_about_utility_tokens\" >Speaking about utility tokens<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/esma\/#EU_financial_regulations_dont_cover_utility_tokens\" >EU financial regulations don&#8217;t cover utility tokens.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/esma\/#Tokens\" >Tokens<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Questions\"><\/span><strong>Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The report asks several questions about payment tokens, utility tokens, and asset tokens. It wants to determine whether they can or should fall under present statutes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8216;<em><strong>The SMSG focuses this report on financial regulation in the remit of ESMA. In order to determine what crypto-assets are or should be covered by what regulation, the SMSG has classified crypto-assets on the basis of the following questions (see decision tree below): <\/strong><\/em><\/span><\/p>\n<p><strong><em>1.\u00a0<span style=\"font-size: 1rem;\">Does it give the owner an entitlement against the issuer? If so, is it an entitlement in kind or a\u00a0<\/span><span style=\"font-size: 1rem;\">monetary entitlement? If it is a monetary entitlement, is it profit sharing, a predetermined\u00a0<\/span><span style=\"font-size: 1rem;\">entitlement, or undetermined other kinds of entitlement?<\/span><\/em><\/strong><\/p>\n<p><strong><em><span style=\"font-size: 1rem;\">2.\u00a0<\/span><span style=\"font-size: 1rem;\">Is it transferable? <\/span><\/em><\/strong><\/p>\n<p><strong><em><span style=\"font-size: 1rem;\">3.\u00a0<\/span><span style=\"font-size: 1rem;\">Is it scarce, and how is scarcity controlled?<\/span><\/em><\/strong><\/p>\n<p><strong><em><span style=\"font-size: 1rem;\">4.\u00a0<\/span><span style=\"font-size: 1rem;\">Does it give decision power on the project of the issuer?&#8217;<\/span><\/em><\/strong><\/p>\n<p>The SMSG concluded that MiFID doesn&#8217;t cover payment tokens.<\/p>\n<blockquote><p><strong>The report mentions that MiFID doesn&#8217;t cover payment tokens like bitcoin.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">This is the EU legislation that regulates companies providing services to clients. Likewise, clients related to stock shares and bonds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Prospectus Regulation, which rules businesses\u2019 shareholding structures don&#8217;t these tokens are not included in. Or the Market Abuse Regulation.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report suggests that these assets carry the same risks as other investment objects. And thus the authors urge the EU to place cryptocurrencies under MiFID II control.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Speaking_about_utility_tokens\"><\/span><strong>Speaking about utility tokens<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The report stated they are a completely different ballgame.\u00a0 ESMA&#8217;s report, these currencies did not classify as <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/04\/best-forex-brokers-uk-fca-regulated\/\">investments<\/a>.<\/p>\n<p>According to the report, they provide investors to access a company\u2019s products and services.\u00a0ICOs or initial coin offerings are responsible to issue utility tokens.<\/p>\n<p><span style=\"font-weight: 400;\">To raise capital, a new company or startup usually sell a utility token to investors. In return, they gain access to a new coin.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"EU_financial_regulations_dont_cover_utility_tokens\"><\/span><strong>EU financial regulations don&#8217;t cover utility tokens.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Because they are not transferable and are only usable in a relationship between the user and the issuer. Thus, the report says MiFID II should not cover these currencies. Unless they are considered transferable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example Filecoin, which builds and runs data applications and helps build smart contracts. It has the potential to become an investment object in the future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consequently, it would have many of the same risks as traditional stocks.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Tokens\"><\/span><strong>Tokens<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The report examines asset tokens, which are physical goods. Companies can use it to finance new business projects or transfers of goods. In that case, they are recorded into the blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In that way, they provide stronger security measures for both parties, \u00a0the receiving, and offers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The report examines which assets are financial <a href=\"https:\/\/traders-paradise.com\">instruments<\/a> or transferable securities. If a token offers a user financial entitlement of some kind. In other words, it bears the same features as both bonds and shares.\u00a0It is thus transferable. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">And the report\u2019s suggestion is it should fall under MiFID II and the Prospectus Regulation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Examples include EOS and any other ERC20-based tokens. It is possible to purchase and trade via digital exchanges. They are transferable between rewards programs, compatible wallets, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ESMA doesn&#8217;t have the power to implement new laws and regulations regarding any financial instruments. ESMA can&#8217;t change existing laws. The report is intended to advise ESMA on how to discuss such changes with the European Commission.<\/span><\/p>\n<p><strong>Read the whole report <\/strong><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esma22-106-1338_smsg_advice_-_report_on_icos_and_crypto-assets.pdf\"><span style=\"font-weight: 400;\">here<\/span><\/a><br \/>\n<b><\/b><\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\/\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1 min read The European Securities and Markets Authority (ESMA) \u00a0new report recommends to the European Commission that it regulate the cryptocurrency space with existing legislation. Rather than instilling new rules and laws. This the Securities and Markets Stakeholder Group (SMSG) wrote in their report. According to bitcoinmagazine.com, the report identifies that most crypto assets [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1004,1005],"tags":[598,525,12,599,600,601],"class_list":["post-2555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-financial-news","category-market-today","tag-asset-tokens","tag-crypto-assets","tag-cryptocurrency","tag-digital-assets","tag-esma","tag-european-commission"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ESMA: European Commission to regulate the crypto space with existing legislation - 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