ESMA: Advice on initial coin offerings and crypto-assets

ESMA has published advice to the EU which is intended to clarify existing EU rules applicable to crypto-assets that qualify as financial instruments, and sets out ESMA’s position on any gaps and issues in the current EU financial regulatory framework for consideration by EU policymakers. It raises concerns over investor protection and notes that a survey of national competent authorities has highlighted that some crypto-assets may qualify as MiFID financial instruments, but because the existing rules were not designed with these instruments in mind, authorities face challenges in interpreting the existing requirements.