European Commissioner for Securities and Markets (ESMA) Steven Maijoor told the Committee on Economic Affairs of the European Parliament that some OICs look like financial instruments that will put them in a certain regulatory framework. However, the regulator continues to analyze the best way to regulate ICOs that do not fall into this category.
He told the board:
"The next question is what we do with ICOs that are not part of the regulatory world; we will evaluate it as advisory and plan to report by the end of the year."
The news appears less than a week after ESMA announces plans for more than a million euros worth of billing for cryptocurrencies and other fine gas activities next year.
As mentioned above, the annual work program of the Agency for 2019 amounted to EUR 1.1 million for activities aimed at financial innovation, including cryptographic assets.
At that time, the document stated that ESME's goal for the next year was "to achieve a coordinated approach to regulation and supervision of new or innovative financial activities."
Also, the regulator intends to draw up advice for EU institutions, market participants and consumers in general but does not give details.