In a major win for stakeholders of the crypto-industry, the Financial Services and Markets Authority (FSMA) of Belgium has paaiškinta that Bitcoin, Ethereum, and other decentralized cryptocurrencies do not qualify as securities.
Not a security if there is no issuer
Į PTS pranešti, the regulator said,
„Jei nėra emitento, kaip tais atvejais, kai priemonės sukuriamos kompiuteriniu kodu ir tai daroma ne vykdant susitarimą tarp emitento ir investuotojo (pavyzdžiui, Bitcoin ar Ether), tai iš esmės Prospekto reglamentas, Prospektas Įstatymas ir MiFID elgesio taisyklės netaikomos.
The FSMA also clarified that cryptocurrencies that classify as non-securities may be subject to other laws and regulations. However, this is only applicable if they have a payment or exchange function, i.e. if a company uses them as a medium of exchange. Crypto-firms are still required to adhere to anti-money laundering regulations in place for all cryptocurrencies.
Belgium’s stepwise plan for cryptocurrencies like Bitcoin
The statement is part of a stepwise plan laid out by the country earlier this year in July, when the plan was presented for comment. The latest decision came after months of deliberation. Under Belgian or European law, the stepwise plan is not legally binding and is “neutral as regards technology,” according to the FSMA.
However, the FMSA’s decision may serve as a precedent of sorts. The U.S. is currently witnessing a landmark atvejis between the Securities and Exchange Commission and Ripple Labs over the status of XRP.
The landmark statement came after repeated demands for clarification from the financial regulator. This was regarding the status of cryptocurrencies as securities and the general regulatory treatment of digital assets.
As of now, there is no digital currency-specific legislation on securities and investments in Belgium. As far as adoption is concerned, the country is definitely not leading the list. According to Chainalysis's Global Crypto Adoption Index, Belgium is ranked 94th.
Source: https://ambcrypto.com/belgiums-fsma-clarifies-bitcoin-ethereum-are-not-securities/