The European Securities and Markets Authority (ESMA) has recently made an announcement that the ICOs have begun to review the legal regulations that can be prepared for the ICOs. European legal regulators determine whether ICOs, an alternative mass fund, will be regulated on a case-by-case basis.
Steven Maijoor, head of the European Securities and Markets Authority, told the European Parliament's economic affairs committee that some ICOs are similar to financial instruments, and that these ICOs will be placed in a specific regulatory framework. However it is not possible to evaluate all ICOs in the same way. There are ongoing meetings about how the ICOs, which do not resemble the existing financial systems, are going to have a place in the legislation. Steven Maijoor added that they will evaluate the ICOs outside the legal regulations by the end of the year.
The European Securities and Markets Authority has announced that it has prepared additional budget for fintech developments and cryptocurrencies in recent weeks. The European Securities and Markets Authority has set a budget of over 1 million euros in order to follow trends in financial innovation and crypto demand for one year, and said that continuous monitoring of fintech innovations and retail investor trends will be carried out by six full-time staff.
The largest share in the European Securities and Markets Authority's 2019 budget for data management and statistics is set aside, with a total of 18 different ESMA databases and related IT systems for maintenance, and a 10 million euro expenditure for personnel.
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