Belgium proposes treating cryptocurrencies as securities

Cryptocurrencies whose issuance is limited or that pursue an investment objective fall under the Securities Act. Such a classification предложило the Belgian Financial Services and Markets Authority (FSMA).

The regulator has issued for public consultation a document clarifying when digital assets may be considered investment instruments. The consultation runs from 5 to 31 July 2022.

FSMA said it had decided to bring clarity to this issue in anticipation of a coordinated EU approach. In the regulator’s view, the classification does not apply to Bitcoin or Ethereum due to the absence of an issuer and “the legal relationship between the two parties.”

“Nevertheless, if the instruments are used as a means of payment or exchange, other rules may apply to the instruments or to the persons providing certain services related to them,” the document states.

Earlier reports indicated that ECB was concerned about the development of crypto regulation by individual countries ahead of EU-wide rules.

In July, the Council of the European Union and the European Parliament preliminarily agreed on the provisions of the cryptocurrency regulation bill MiCA. It outlines the rules applicable to issuers of unbacked crypto assets, stablecoins, trading and custody platforms.

As noted, representatives of the European Green and Socialist parties предложили распространить EU anti-money-laundering laws to the DeFi sector, including NFT platforms.

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