Cryptocurrency and ICO at center of ESMA supervisory priorities in 2018
European Securities and Markets Authority (ESMA) summarized its primary areas of interest for the coming year in a work agenda revealed on February 7.
EU financial security agency to monitor cryptocurrencies in 2018 (pic: wikimedia)
One of the 2018 missions is to watchdog the evolution of financial innovations, which includes among others also the trendy cryptocurrency and blockchain technology.
ESMA stated:
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influence the way in which securities are developed, traded and supervised. In turn, ESMA is undertaking material analysis on the emergence of such instruments as virtual currencies, such platforms as ICOs and such tools as the distributed ledger technology. Additionally, ESMA will analyse how market participants are embracing regulatory technology to comply with recently implemented regulation, and how supervisors are deploying supervisory technology to undertake what has become a data driven supervisory process. The remit of this analysis will include increased uses of cloud computing to efficiently employ such technologies and the potential cyber risk vulnerabilities
as firms and supervisors implement such methods.”
It appears to be for the first time when a EU agency included cryptocurrency in its supervisory convergence priorities, thus confirming the growing interest of the EU regulators into the fast development of cryptocurrency and ledger technology inside the European Union.
Photo credit: By Sébastien Bertrand [CC BY 2.0 or CC BY 2.0], via Wikimedia Commons
