Europe: ESMA Advised to Extend Existing Law to Include Cryptocurrency

Finance Magnates

The European Securities and Markets Authority (ESMA) has been advised to regulate cryptocurrency under existing regulations, according to CoinDesk. The Securities and Markets Stakeholders Group, which provides the EU financial regulator with technical advice on policy development and implementation, concluded that: “Most crypto-assets are covered by the Unfair Commercial Practices Directive (UCPD 2005/29/EC), to the extent the issuer is a business undertaking and the buyer of the crypto-asset a consumer.”

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