EU's proposed framework for crypto assets market

The consultation paper includes a report on virtual currencies by the European Parliament, the setting up of the Blockchain observatory to monitor the use cases of blockchain, an audit of existing legislation from the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA), and an attempt to bring it within the remit of the European Crowdfunding Service Providers Regulation.

The all-encompassing consultation covers three main areas: the classification of crypto assets, the treatment of crypto assets which are covered by EU legislation, and the treatment of crypto assets which fall outside of the scope of EU legislation. Following feedback from the industry and regulatory authorities from around the world, the Commission issued a 'non-paper' in May 2020, which includes options of possible approaches that may be taken in the proposal.

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