The Financial Services and Markets Authority (FSMA), Belgium’s financial market regulatory body, said it had made a Communication on the classification of crypto assets as securities, investment instruments or financial instruments.
The FSMA said it will launch a consultation on the design on Tuesday. The consultation will conclude on July 31.
At Belgian agency said the talks are open to all players in the state’s financial sector and investor representatives.
The supervisory authority further clarified that the action was in response to frequently received questions about classification cryptocurrency assets.
“With this Communication, the FSMA wants to provide clarity, while awaiting a harmonious European approach, on when crypto assets can be considered as securities, investment instruments or financial instruments, and whether they may be within the scope of prospectus legislation and /or Markets in Financial The Instruments Directive (MiFID) acts as a business rule, ”the FSMA explains.
Financial market watchdogs further explain that the policy is intended to help users and service providers to classify crypto assets within an applicable legal framework that is not designed for them.
However, it indicates that such a measure would not complete all potential classifications.
MiCA Framework
At Uni-European last week passed the Markets in Crypto Assets (MiCA) law which covers a wide range of assets and services.
MiCA seeks to protect investors and enhance financial stability and also allows for innovation and enhances the attractiveness of the European crypto-asset sector.
“Currently, consumers have a very limited right to protection or compensation, especially if the transaction is carried out outside the EU,” the EU said in a press statement.
“With the new rules, crypto-asset service providers must respect strict requirements to protect consumers ‘wallets and be responsible if they lose investors’ crypto assets.”
As EU member states already have national rules for crypto-assets, MiCA will bring more clarity to the EU, the political union further said.
The Financial Services and Markets Authority (FSMA), Belgium’s financial market regulatory body, said it had made a Communication on the classification of crypto assets as securities, investment instruments or financial instruments.
The FSMA said it will launch a consultation on the design on Tuesday. The consultation will conclude on July 31.
At Belgian agency said the talks are open to all players in the state’s financial sector and investor representatives.
The supervisory authority further clarified that the action was in response to frequently received questions about classification cryptocurrency assets.
“With this Communication, the FSMA wants to provide clarity, while awaiting a harmonious European approach, on when crypto assets can be considered as securities, investment instruments or financial instruments, and whether they may be within the scope of prospectus legislation and /or Markets in Financial The Instruments Directive (MiFID) acts as a business rule, ”the FSMA explains.
Financial market watchdogs further explain that the policy is intended to help users and service providers to classify crypto assets within an applicable legal framework that is not designed for them.
However, it indicates that such a measure would not complete all potential classifications.
MiCA Framework
At Uni-European last week passed the Markets in Crypto Assets (MiCA) law which covers a wide range of assets and services.
MiCA seeks to protect investors and enhance financial stability and also allows for innovation and enhances the attractiveness of the European crypto-asset sector.
“Currently, consumers have a very limited right to protection or compensation, especially if the transaction is carried out outside the EU,” the EU said in a press statement.
“With the new rules, crypto-asset service providers must respect strict requirements to protect consumers ‘wallets and be responsible if they lose investors’ crypto assets.”
As EU member states already have national rules for crypto-assets, MiCA will bring more clarity to the EU, the political union further said.
