Esma: some digital assets may qualify as Mifid instruments

If this were true, issuers would be obliged to abide by a slew of other EU rules

Steven Maijoor - web.jpg
Steven Maijoor: some crypto assets may qualify as Mifid financial instruments, in which case the full set of EU financial rules would apply

Some digital assets may qualify as transferable securities or other types of financial instrument under the Markets in Financial Instruments Directive (Mifid), says the European Securities and Markets Authority in an advice paper on initial coin offerings and crypto assets.

Esma’s conclusions follow a survey conducted last summer by the European regulator among national regulators or national competent authorities (NCAs).

While the definition of Mifid financial instruments varies across EU

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