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欧盟:正逐案研究哪些加密资产属于证券

10月8日, 欧盟证券监管机构——欧洲证券和市场管理局(ESMA)表示,它正在审查每一个首次代币发行项目,以确定其是否应该受到监管。此举是仿效美国证券监管机构。

首次代币发行是指发行像比特币或代币等加密货币,以便为初创公司筹集资金。然而,投资者可能对倾家荡产的监管警告置若罔闻。

ESMA主席Steven Maijoor表示,他正在研究首次代币发行如何适应现有监管以及它们会如何影响更广泛的融资领域的竞争。

ESMA和欧盟国家的监管机构正在“逐案”评估哪些首次代币发行项目遵守现有的证券规则。

Maijoor告诉欧洲议会经济事务委员会:

有一些首次代币发行项目像金融工具。一旦首次代币发行成为金融工具,它就应被纳入一个完整的监管框架。随后的问题是如何处理监管领域以外的首次代币发行项目。我们将对此作出评估,希望在今年年底前报告。

Maijoor表示,到目前为止,首次代币发行已经“很难”显示其可行性,以及相较传统融资手段的额外优势。

今年2月,美国证券交易委员会主席Jay Clayton表示,他认为大部分新代币销售应该被视为证券,即证券交易委员会应该对新发行的代币拥有管辖权,但是没有明确哪些币种可归类为证券。

欧盟监管机构至今仅限于向个人投资者发出关于加密资产的警告,但这可能还不够。

欧洲银行管理局(European Banking Authority)主席Andrea Enria曾向国会议员表示,他一直有意让像ICO这样的创新在没有一套具体的欧盟规则下发展。不过,他承认“情况不如预期”。

Enria认为,在单一的欧盟市场中,相较于国家监管机构的市场发展和举措,欧洲层面的监管可能更加合理。

Enria说道:

若政府不能给投资设立安全底线,消费者警告似乎也不能充分、有效地提高消费者的认识。

上个月,一份欧盟财长报告称,欧盟应该采用共同的加密货币规则,并审查数字货币的分销方式。

The European Union’s securities watchdog said on Monday it was examining every initial coin offering (ICO) to see whether it should be regulated, mirroring moves by its U.S. counterpart.

An ICO issues crypto currencies like bitcoin or tokens to raise funds for a start-up company, and regulatory warnings that investors could lose their shirts may be falling on deaf ears.

Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), said he was examining how ICOs fit into existing regulation and how they affect competition in the wider capital raising sector.

ESMA and national regulators in the EU are assessing which ICOs come under existing securities rules on “case-by-case” basis.

“Some of these ICOs are like a financial instrument. Once it is a financial instrument it comes under a whole regulatory framework,” Maijoor told the European Parliament’s economic affairs committee.

“The subsequent question is what do we do with those ICOs that are outside the regulatory world. We will assess that as a board. We expect to report by the end of the year.”

ICOs, so far, have had “difficulty” showing their viability and what extra benefits they bring compared with traditional capital raising, Maijoor said.

In the United States, the Securities and Exchange Commission Chair Jay Clayton said in February he believed most of the sales of new tokens should be considered securities, but it has not classed which coins are securities.

So far, EU regulators have limited themselves to issuing warnings to retail investors about crypto assets, but this may not be enough.

Andrea Enria, chair of the European Banking Authority, told lawmakers he had been minded to let innovation like ICOs develop without a set of specific EU rules.

“This is not working as expected,” Enria said.

Market developments and initiatives by national regulators in what is meant to be a single EU market mean that more regulation at the European level could be warranted, Enria said.

“Consumer warnings don’t seem to be sufficiently effective in raising awareness among consumers that there is a lack of safety net for these investments,” Enria said.

A report for EU finance ministers last month said the EU should adopt common rules on cryptocurrencies and scrutinize how digital units are distributed.


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