European Watchdog Seeks to Examine Every ICO in Existence
ESMA, the European securities watchdog, seems to be walking in the US’ footsteps after it decided to examine every ICO in existence in order to come to a decision on new regulations.
ESMA head Steven Maijoor stated that he has begun taking a deep look into how ICOs will integrate themselves into the already-established regulatory infrastructure, according to a report by Reuters.
He states that many of the ICOs in existence are like financial tools that need to fit into the regulatory framework, and that that what consumers do with ICOs needs to be assessed and reported on by the board.
He indicated that if ICOs can be used to produce capital funding similar to that of traditional financial tools like IPOs, it should fall under regulatory scrutiny just the same.
Maijoor admits that ESMA will take on a heavy workload as it goes through each ICO, and the details regarding how this will be accomplished have not yet been made public.
Europe and Crypto
At the moment, ESMA’s approach to ICOs seems to be just another step towards a comprehensive, continent-wide regulatory framework of ICOs.
MEPs recently held a conference in Strasbourg to discuss blockchain tech as it grows within Europe, however people continue to be divided on the revolutionary technology.