About this initiative


The EU is planning its response to the emergence of crypto-assets such as bitcoin and the effect these new technologies will have on how financial assets are issued, exchanged, shared and accessed.

This includes mitigating the risks posed by crypto-assets (fraud, cyberattacks, market manipulation).

This initiative will assess:

•             how far crypto-assets are covered by current EU legislation

•             whether new legislation is needed in this field

•             whether it would be sufficient to issue guidelines.

Banking and financial services
Type of act
Proposal for a regulation
Expert group


Feedback: closed

Inception impact assessment
More about roadmaps.

Feedback period
19 December 2019 - 16 January 2020 (midnight Brussels time)
View feedback received >
Download (316.5 KB - PDF - 5 pages)

Feedback (4)

  • 16 January 2020 Company/business organisation
    Bolsas y Mercados Españoles (Spain)

    Bolsas y Mercados Españoles (BME) welcomes FISMA initiative to work on the establishment of a European framework for markets in crypto -assets. BME integrates the companies that operate and manage the securities markets and financial systems in Spain. It brings together, under a single activity, decision-making and coordination unit, the Spanish equity, fixed-income and derivatives markets and their clearing and settlement systems. Therefore,...

  • 16 January 2020 Company/business organisation
    ESBG (European Savings and Retail Banking Group) (Belgium)

    ESBG supports the establishment of an EU regulatory framework for crypto-asset markets as a key priority; especially as crypto-assets are currently not covered by current EU-legislation. As the main features that constitute a crypto-asset are of a digital/virtual nature, relying on cryptography and use of DLT, the question of the legal nature of the, the difference between asset and technology, and the possible stabilisation mechanisms behind...

  • 16 January 2020 Academic/research institution
    Links Foundation (Italy)

    DLTs have introduced the notion of digital scarcity, a concept that was not present before the advent of this technological paradigm and that is set to have profound impacts on the economy. Digital scarcity will act as a key enabler of a new digital economy relying on assets that are liquid, divisible, borderless (easily transportable and quickly transferable) and, unlike currencies, have the potential to appreciate over time. The deflationary...

All feedback (4) >

Public consultation

Feedback: open
Feedback period
19 December 2019 - 19 March 2020 (midnight Brussels time)

The Commission would like to hear your views.

Through public consultations you can express your views on aspects of EU laws and policies before the Commission finalises its proposals. 

Go to consultation >

Commission adoption

Feedback: upcoming

Proposal for a regulation
More about adopted acts

Planned for
Third quarter 2020

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