ESMA publishes report on ICOs and Crypto-Assets

ESMA has published an own initiative report on additional steps it can take to contain the risks for investors arising from ICOs and crypto-assets (noting that there are no obvious related stability risks as yet).

The report recommends that:

  • additional guidance is produced by EMSA on the interpretation of MiFID with respect to applicability to transferable asset tokens;
  • ESMA write to the Commission to recommend that such tokens are added to the MiFID list of financial instruments; and
  • EMSA publish guidelines to national supervisory authorities relating to the operation of sandboxes or innovation hubs.