Belgium’s financial regulatory body has confirmed that if a cryptocurrency is issued by computer code and is not under the control of a centralized entity, then it should not be classed as a security.
The clarification comes following an increase in demands for answers as to how Belgium’s existing financial laws and regulations apply to digital assets, according to the FSMA.
“If there is no issuer, as in cases where instruments are created by a computer code and this is not done in execution of an agreement between issuer and investor , then in principle the Prospectus Regulation, the Prospectus Law and the MiFID rules of conduct do not apply.” “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.”
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