Home » News » ESMA European Securities Regulator Calls for Evidence

ESMA European Securities Regulator Calls for Evidence


On 22 April 2015 the European securities regulator ESMA released a document that is the result of their 6-month study of the digital currency sector. It consists of a 19-page analysis summarizing their findings and requesting feedback before 21 July 2015.

At a glance there a couple of points worth noting about this publication:

First, ESMA announces its intention to raise awareness and “promote wider understanding of innovative market developments.” It furthermore states:

“It has no pre-conceived view as to whether any other regulatory action is needed and, subject to assessing the information received in response to this call for evidence, has no immediate plans to take any.”

Second, in its attempt to compare and categorize digital currency innovations according to traditional financial concepts, the ESMA findings at times reflects an understanding that is not always accurate or complete.

In March 2015 the U.K. government announced the launch of a £10 million fund to digital currency research alongside a plan to fast track regulations for U.K. businesses in the sector. While the £10 million investment is a promising early step, the clearly articulated agenda to quickly implement regulations (i.e. within 3-5 years) may turn out to be counterproductive.

The speed of digital currency innovation itself makes it likely that government agencies will need to invest significantly more time and resources to build an effective understanding of this strategic sector.

Let us know your thoughts on ESMA’s announcement.  Mail hello@BitcoinWednesday.com

Early Stage Investor, Bitcoin Business Strategy Architect and Project Leader for Complex Internet SolutionsSee generalseven.com for more info.

View all posts by
Geoff Goodell, Researcher at University College London
Dr. Geoff Goodel

Geoff Goodellis a researcher at the Department of Computer Science at University College London and an authority on the interface between computer science, finance and public policy. His talk for Bitcoin Wednesday will cover the range of available options on the subject of financial privacy, from total surveillance as represented by traditional financial institutions to the use of cryptocurrencies and related privacy enhancing technologies.

Lyn Ulbricht, mother of Ross Ulbricht
Lyn Ulbricht

Lyn Ulbricht is the mother of Ross Ulbricht, the man sentenced to life in prison at the age of 36 for his involvement in Silk Road. The dark web marketplace has made an indelible impact on the industry.

JP Thieriot, CEO of Uphold
J.P. Thieriot

J.P. Thieriot is CEO of Uphold, a digital money platform that serves 1.7 million customers in more than 184 country and has processed almost $6 billion in transactions.

Ruben Merre, CEO of ngrave
Cold Hardware Wallets

Ruben Merreis co-founder and CEO of Ngrave, an end-to-end hardware wallet solution that tackles the what-ifs of managing digital assets and cryptocurrencies.

Patrick Dai, CEO of Qtum
Patrick Dai

Patrick Dai is CEO of Qtum. He will talk about how Qtum built a smart contract system on top of Bitcoin’s infrastructure.

Thomas Borrel, CPO of Polymath
Thomas Borrel

Thomas Borrel leads the Product Strategy, Product Management and Product Marketing teams across Polymath’s product portfolio. Prior to joining Polymath, Thomas was Director of Product Management at Extreme Networks where he led Extreme’s Software and Cloud offerings.

Micha Roon, CTO of EnergyWeb
Micha Roon

Micha Roon is the CTO of the Energy Web Foundation and the Share&Charge Foundation. He is an authority on energy grid decarbonization, electrical vehicle charging and the tokenization of renewable energy.