The Belgian Financial Services and Markets Authority (FSMA) has proposed that cryptos whose issuance is limited or pursue an investment purpose should be subject to securities law.
The regulator has just submitted a document that will be discussed publicly between July 5 and 31 that explains when digital assets can be considered investment vehicles.
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The regulator has decided to clarify the matter pending a concerted EU approach. According to the organization, the classification does not apply to Bitcoin or Ethereum due to the lack of an issuer and "legal relationships between the two parties."
The document reads:
"Nevertheless, if the instruments have a payment or exchange function, other regulations may apply to the instruments or the persons who provide certain services relating to those instruments."
It has previously been reported the ECB is concerned about the development of crypto regulation by individual countries prior to the adoption of uniform rules at EU level.