EU Lawmaker Wants to Include ICOs in New Crowdfunding Rules
A draft proposal by the European Parliament’s Committee on Economic and Monetary Affairs suggests creating new regulations for public initial coin offerings (ICOs), according to a document published Friday. Ashley Fox, a Member of the European Parliament (MEP) representing the United Kingdom, wrote a draft report on proposed regulations for Europe’s crowdfunding platform operators and companies. Work on crowdfunding regulations has been ongoing since last year, with a formal proposal from the European Commission (the EU’s executive branch) coming in March with the mandate of developing a framework on “crowd and peer-to-peer finance.” According to Fox’s note accompanying the legislative language for the proposal, the framework provides an opportunity to regulate token sales. “This Regulation gives the opportunity to ICOs that want to prove their legitimacy to comply with the requirements of this regulation. Whilst this regulation may not provide the solution for regulating the ICO market, it takes a much-needed step towards imposing
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