financial test

ESMA Chair Steven Maijoor delivered a speech on crypto-assets at the FinTech Conference 2019 – FinTech and Regulation. He indicated his support for regulating crypto-assets and illustrated the existing gaps and issues. As things stand, he believes “a significant share of existing crypto-assets are likely to fall outside the rules” and that this “leaves consumers exposed to substantial risks”. The vast variety of crypto-assets means a “‘one size fits all’ approach” is inadequate. He therefore reiterated ESMA’s advice to EU institutions, from its January Report, calling for a bespoke regime. Maijoor also argued for new rules to apply to ICOs and expanding Europe’s money laundering requirements to include crypto to crypto exchanges.

Download the document