Recent legislation should finally provide consistent regulation across the E.U., but what will that regulation look like asks Tatiana Revoredo, a blockchain strategist at Saïd Business School at the University of Oxford.
) will have intervention powers to prohibit or restrict the provision of Virtual Asset Service Providers, as well as the marketing, distribution or sale of crypto assets, in case of a threat to investor protection, market integrity or financial stability.
Registration of entities based in third countries, operating in the EU without authorization, will be established by ESMA based on information submitted by competent authorities, third country supervisors or identified by ESMA. Competent authorities will have far-reaching powers against listed entities.EU VASPs will have to be established and have substantive management in the EU, including a resident director and registered office in the member state where they apply for authorization.
VASPs will have to give clear warnings to investors about the risk of volatility and losses, in whole or in part, associated with crypto-actives, as well as comply with insider trading disclosure rules. Insider trading and market manipulation are strictly prohibited.
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