European regulators have explained that specific rules for ICOs are on the way and that they plan to regulate them in the same way as equities, according to Reuters.
The President of the European Securities and Markets Authority (ESMA), Steven Maijoor, explained to the European Parliament that some ICOs resemble financial instruments, which would place them in a specific regulatory framework. However, the regulator is still analysing the best way to regulate the ICOs that do not fall into that category:
“The subsequent question is what do we do with those ICOs that are outside the regulatory world. We will assess that as a board. We expect to report by the end of the year“.
This news comes less than a week after ESMA revealed its €1 million budget for monitoring crypto and other fintech activities in order to “achieve a coordinated approach to the regulation and supervisory treatment of new or innovative financial activities” by 2019.