Cryptocurrencies such as Bitcoin and Ethereum are Cannot be classified as securities or securities. investment products, according to a communication issued by the Belgian financial watchdog. Authorities have sought to clarify the issue, noting that digital coins may be subject to other regulations.
FSMA: Securities Act Not applicable to decentralized cryptocurrencies
In response to multiple clarification requests from citizens and businesses, the Belgian Financial Services Market Authority (FSMA) announced that Bitcoin, Ethereum and It explains why other similar virtual currencies are not considered securities or investment products.
According to a opinion published Thursday, national securities laws do not apply to digital assets that do not have an issuer and are created by computer code. A contract between an issuer and an investor.
However, regulators have noted that if these crypto-assets have payment or exchange functionality, are interchangeable or substitutable, other regulations may apply to them. Did. service.
FSMA further states that, in the absence of specific legislation, virtual currencies may be considered equivalent to securities when embedded in a financial instrument and have an issuer, such as an individual or legal entity. said it can.
To provide assistance to stakeholders who are submitting more and more questions about financial regulations for crypto-assets, the authorities are The Plan ‘adopted’ provides a set of guidelines for their classification.
The Belgian financial watchdog emphasized that the plan is technology neutral. “Eligibility as a security, financial instrument or investment product is independent of the technology used,” it elaborated, adding that it stands ready to update its plans to reflect future regulatory changes. I was.
One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework agreed by European institutions and Member States at the end of June. In July, the FSMA launched a consultation on the classification of crypto-assets. Earlier this year, Watchdog introduced a registration requirement for crypto exchanges and wallet service providers.
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