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Belgian financial regulator prepares crypto regulation for harmonization

 


The Belgian Financial Markets Authority FSMA is asking for public feedback on its classification of cryptocurrencies as securities, investment vehicles and financial instruments. The corresponding communiqué, which is aimed at crypto service providers, crypto publishers and crypto traders, should apply as a guideline for the existing legal situation with regard to the provision of information for crypto currencies until the harmonization of Belgian law with the newly formulated regulatory requirements of the European Union (EU) has been reached.


The communiqué initially aims to address the most important legal issues and makes no claim to be complete. Among other things, it can be inferred from the letter which requirements must be met for the specific classifications.


For example, cryptocurrencies that are part of a financial instrument are classified as securities or investment products under the European Union (EU) Securities Prospectus Act. Accordingly, these in turn are subject to the so-called MiFID (Markets in Financial Instruments Directive). Crypto service providers must therefore provide information for these as with all other investment products.


However, if a cryptocurrency does not have a direct issuer, as is the case with Bitcoin ( BTC ) and Ethereum ( ETH ), for example, then neither the Securities Prospectus Act nor the MiFID apply. However, as soon as the requirements of the European MiCA regulation come into force, trading platforms will have to offer separate information brochures for cryptocurrencies without a publisher in the future.


The FSMA classifications are relatively clear. For example, cryptocurrencies that are integrated into other investment instruments or that securitize shares in the profits generated through business efforts of third parties are classified as securities.


Finally, the authority points out that depending on the classification, the respective asset also falls under other applicable legal provisions that are not covered in the communiqué. The market participants concerned should submit their feedback by July 31.

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