The European Parliament Plenary has adopted the proposal for a regulation of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSP) for Business. It introduces an optional EU regime which enables crowdfunding platforms to easily provide their services across the EU Single Market. Instead of having to comply with different regulatory regimes, platforms will have to comply with only one set of rules, both when operating in their home market and in other EU Member States. While the Regulation specifically excludes initial coin offerings (ICOs) from its scope, it calls on the Commission to “assess the need to propose a separate, Union legislative framework for ICOs” and “…propose a comprehensive Union-level legislative framework based on a thorough impact assessment.”.
The regulation will now need to be formally adopted by the Council.
