EU Regulators Call for the Uniform Rules for the Crypto Industry
Two EU regulators - the European Banking Association (EBA) and the European Securities Market Authority (ESMA) - called on the authorities of the bloc to create unified rules for the ICO and the crypto industry.The EBA said crypto assets are now not subject to EU financial laws. These assets carry significant risks. Therefore, to protect investors, the European Commission must determine whether the EU needs uniform rules for the regulation of the crypto industry.
ESMA also analyzed the market. The regulator has determined crypto assets are fully subject to the current rules, although some “adjustments” may be necessary. According to the ESMA, some crypto assets can even be recognized as financial instruments.