Coinlaw Podcast – Anne Chone

Europe Podcast
Mark Knowles
Written by Mark Knowles

In this episode of Coinlaw Podcast, we discuss European Securities and Markets Authority’s (ESMA) new paper on cryptoassets with Anne Chone, the agency’s Senior Risk Analysis Officer.

In this episode of Coinlaw Podcast, we take a close look at the recently released Advice on Initial Coin Offerings and Crypto-Assets by the European Securities and Markets Authority (ESMA). Our guest, Anne Chone, is the agency’s Senior Risk Analysis Officer.

Key Outtakes:

  • The NCAs survey revealed that a broad agreement exists within the EU on qualifying certain cryptoassets as financial instruments, there are however some differences in the national definitions of what constitutes a financial instrument.
  • There is also broad agreement that so-called pure utility tokens would likely fall outside of the existing rules.
  • An EU-wide response makes sense because it provides a harmonized framework across Europe, and allows investors and firms to operate across borders.
  • AML requirements should apply to all types of cryptoassets and there should be appropriate risk disclosure in place so that investors understand the risk before committing funds.
  • If an STO is a security that is like a traditional financial instrument, then existing rules should apply. ESMA’s technologically-neutral approach means that the same rules should apply to the same activities according to the same risk. This is especially true if the investment is high-risk, regardless of the technology used to issue an investment.
  • Considering the technological development, in certain instances, the rules will need clarification, interpretation, and requirements for adoption.
  • Having more elaborate regulation at this stage is premature, considering that it is an early stage and the business models are still evolving.

You can also read a transcript of the interview here 

About the author

Mark Knowles

Mark Knowles

Coinlaw Multi-Jurisdiction Blockchain News
Mark Knowles is the Executive Editor of coinlaw.io
With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global economy. As Executive Editor at Coinlaw Mark is working to create a website that is a hub for the international crypto community to find the latest legal news, legislative changes and expert opinion from across the industry. Contact him at [email protected] or through mobile on +66 (0) 98 705 2716.

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