The Belgian financial regulator has clearly stated its position regarding cryptocurrencies – decentralized coins issued exclusively in the form of a computer code are not securities.
Thus, bitcoin, ether and other similar cryptocurrencies cannot be called securities and should not be regulated by the relevant laws. The Financial Services and Markets Authority (FSMA) of Belgium has clarified its attitude towards cryptocurrencies after an increase in the number of requests from citizens and businesses. People wanted to know what laws apply to digital asset transactions.
While there are no bills on this subject, the FSMA said that in the future, cryptocurrencies can be equated to securities if they are “issued by an individual or legal entity.” The regulator also noted that its phased plan is technology neutral, suggesting that it does not matter whether digital assets are used on the blockchain or through other traditional means.
“If there is no issuer, as in the case of a computer code issuance, and this is not done to fulfill an agreement between the issuer and the investor (for example, bitcoin or ether), then securities regulation laws do not apply,” the regulator said in a statement.
At the same time, FSMA representatives recalled that other regulatory and regulatory documents may well apply to cryptocurrencies, especially if a company uses digital assets as a means of exchange or payment.
Interestingly, back in July of this year, the FSMA proposed to regulate cryptocurrencies as securities.
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