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Based on the EBA and ESMA opinions, ESBG supports that the comprehensive regulatory regime for crypto-assets shall include license requirements for cryptocurrency service providers, a more comprehensive set of rules aiming at protecting ordinary consumers and investors, and the creation of an entity that is accountable to the regulator (‘scheme governance authority’).
Therefore, to address specific risks stemming from Crypto-assets, ESBG supports targeted amendments to sectoral legislation (e.g. Prospectus regulation, AML and/or MIFID II). Therefore, policy makers need to regulate the areas where the policy framework is still not clear or non-existent, or where it needs some sort of adaptation. As a first step, to be treated uniformly across member states, a clear definition and classification of different crypto-assets is needed.
After this classification, an assessment must be made as to what extent the current legislative framework can provide an effective set of rules for these different crypto-asset classes. Simultaneously, a narrow and restrictive definition should be avoided as this could hinder digital innovation or transformation.