March 28, 2024

Belgium proposes to equate cryptocurrencies to securities

Belgium proposes to equate cryptocurrencies to securities

Cryptocurrencies whose emission is limited or which pursue an investment purpose are subject toSecurities Law. This classification was proposed by the Belgian Financial Services and Markets Authority (FSMA).

The regulator has submitted a document for public discussion explaining when digital assets can be considered investment vehicles. The consultations will last from 5 to 31 July 2022.

The FSMA said it decided to clarify thispending a concerted approach from the European Union. According to the regulator, the classification does not apply to bitcoin or Ethereum due to the lack of an issuer and “legal relations between the two parties.”

“However, if the tools are used inas a payment or exchange, different rules may apply to instruments or persons who provide certain services related to them, ”the document says.

Earlier, the media reported that the ECB is concerned about the development of cryptocurrency regulation by individual countries before the adoption of uniform EU rules.

In July, the Council of the European Union and the European Parliamentpreliminary agreed on the provisions of the draft law on the regulation of cryptocurrencies MiCA. It describes the rules that apply to issuers of unsecured crypto assets, stablecoins, trading and custodial platforms.

Recall that representatives of the European Green Party and the Socialists proposed extending the EU anti-money laundering laws to the DeFi sector, including NFT platforms.

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