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EU Regulator Calls For Bloc-Wide Regulation Of Cryptoassets

Law360, London (January 9, 2019, 1:28 PM GMT) -- Consistent Europe-wide regulation of cryptoassets is needed to give greater protection to consumers and prevent criminals from exploiting the patchwork of rules across the bloc, the European Securities and Markets Authority warned Wednesday.

The securities watchdog recommends in advice to the main European Union institutions — the Commission, Council and Parliament — that cryptoassets which qualify as financial instruments should be governed under existing regulations. But the authority said the Markets in Financial Instruments Directive would need to be updated to prevent national regulators taking divergent approaches to enforcement.

ESMA also recommended that digital assets which do not qualify as financial instruments...

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