Cryptocurrencies as Top Priority for European Securities Regulator
February 9, 2018
The European Securities and Markets Authority (ESMA), the major watchdog agency of the European Union, has added cryptocurrencies to its top priority list for 2018.
In the agenda dated February 7 ESMA has marked 5 matters of priority the regulator is going to focus on in this year. Among those there is control over financial innovations with Blockchain and cryptocurrencies as expressly indicated points.
“ESMA expects the rapid pace of financial innovation developments across the EU securities markets to continue in 2018. These developments influence the way in which securities are developed, traded and supervised. In turn, ESMA is undertaking material analysis on the emergence of such instruments as virtual currencies, such platforms as ICOs and such tools as the distributed ledger technology”, the document runs.
Remarkable enough, this was the first time when ESMA added cryptocurrencies into agenda which gives evidence of the agency taking hard look at the problem amid their rising popularity and expansion scale in Europe.
In addition, last month Steven Maijoor, the chairman of ESMA, warned the investors against the risks of participating in ICO and said this may result in complete loss of all funds.