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@article{1832738,
author = {Burilov, Vlad},
article_location = {Leiden},
article_number = {2},
doi = {http://dx.doi.org/10.1163/22134514-00602003},
keywords = {EU regulation; financial market; ICO; tokenisation; crypto asset; utility token; security token},
language = {eng},
issn = {2213-4506},
journal = {European Journal of Comparative Law and Governance},
title = {Regulation of Crypto Tokens and Initial Coin Offerings in the EU de lege lata and de lege ferenda},
volume = {6},
year = {2019}
}
TY - JOUR
ID - 1832738
AU - Burilov, Vlad
PY - 2019
TI - Regulation of Crypto Tokens and Initial Coin Offerings in the EU de lege lata and de lege ferenda
JF - European Journal of Comparative Law and Governance
VL - 6
IS - 2
SP - 146-186
EP - 146-186
PB - Brill
SN - 22134506
KW - EU regulation
KW - financial market
KW - ICO
KW - tokenisation
KW - crypto asset
KW - utility token
KW - security token
N2 - Much like initial public offerings produce publicly traded securities, Initial Coin Offerings (ICOS) produce crypto tokens tradeable on crypto exchanges. Despite an apparent need for investor protection the ICO and the tokenisation phenomenon have yet to be addressed by legislative action on the EU level. The paper studies the suitability of the EU regulatory framework to capture tokenised financial instruments and utility tokens based on the views of the EU supervisory and national competent authorities. It is argued that EU regulators shall first ensure legal certainty by defining the scope of tokenised financial instruments subject to MiFID. Further, authorisation and ongoing requirements shall be adapted to address the risks posed by distributed technology and direct global access of investors to crypto markets. Finally, there is no immediate need for a bespoke EU-wide regime governing utility tokens; fragmentation of the market is a positive development providing a testing field for future supranational initiatives.
ER -
BURILOV, Vlad. Regulation of Crypto Tokens and Initial Coin Offerings in the EU de lege lata and de lege ferenda. \textit{European Journal of Comparative Law and Governance}. Leiden: Brill, 2019, vol.~6, No~2, p.~146-186. ISSN~2213-4506. Available from: https://dx.doi.org/10.1163/22134514-00602003.
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