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Belgium Claims Bitcoin, Ethereum, And Coins Are Not Securities

Belgium Claims Bitcoin, Ethereum, And Coins Are Not Securities

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Belgian financial authority has declared it Bitcoin (BTC), Ether (ETH), and other cryptocurrencies created solely by computer code are not securities. Belgium Financial Services and Markets Authority (FSMA) laid out the reason in a report published on November 22, the proposal of which was published for comment in July 2022.

According to FSMA, the clarification comes in response to increased requests for clarification on how current Belgian financial rules and regulations relate to digital assets. Although not legally enforceable under Belgian or European Union law, the FSMA argued that cryptocurrencies would be classified as securities if issued by a person or company afterstep by step.”

The Belgian regulatory agency said that cryptocurrencies, which are not classified as securities, may still be subject to other restrictions if a company uses them as a medium of exchange. FSMA also said its phased plan is technology neutral. This means that it does not matter if the digital asset exists and can be accessed on the blockchain or through other traditional channels.

FSMA originally published the paper in July 2022 to answer frequently asked questions from Belgian digital asset issuers, providers and service providers. According to FSMA, the progressive approach serves as a guideline until the European Parliament Markets in Crypto Assets Regulation (MiCA) is being implemented and is scheduled to enter into force at the beginning of 2024.

Belgium’s clear principles differ from those of the Securities and Exchange Commission (SEC). “regulation through enforcement” a strategy currently competing with digital asset regulators Commodity Futures Trading Commission (CFTC). as chairman of the SEC Gary Gensler has always considered Bitcoin a commodity and has recently argued that post-merger ETH and other staked currencies can be securities under the Howey test.

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