EU Regulation Standing Committee Response to Consultation on an EU Framework for Markets in Cryptoassets

Published 19/06/2020

The IRSG EU Regulation Standing Committee has submitted a response to the European Commission’s consultation on cryptoassets. The Committee chose to respond to a small number of questions on issues of cross-sectoral importance, with an international dimension where the IRSG can add value, particularly in thinking about the UK’s long-term relationship with the EU. The response underlined the merit in creating a classification of cryptoassets at the EU level, while recognising that, under the principle of ‘same activity, same regulation’, any future regulatory framework should treat cryptoassets that are comparable (in terms of their economic functions and potential risks) to other traditional asset classes equally. The IRSG aimed to share experiences from the UK on cryptoassets regulation, and highlighted both the opportunities, risks and challenges arising from this new asset class.