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Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies

Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator ClarifiesCryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations. FSMA: Securities Laws Do Not Apply to Bitcoin and Other Decentralized Cryptocurrencies […]

Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies

Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.

FSMA: Securities Laws Do Not Apply to Bitcoin and Other Decentralized Cryptocurrencies

In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority (FSMA) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments.

According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor.

However, the regulatory body pointed out that if these crypto assets have a payment or exchange function, if they are exchangeable or fungible, other regulations may be applicable to them as well as to the persons that are providing certain related services.

The FSMA further remarked that despite the lack of specific legislation, cryptocurrencies can be equated to securities if they are incorporated into financial instruments and have an issuer such as an individual or a legal entity.

Seeking to provide assistance to interested parties, that have been sending more and more questions about the financial rules concerning crypto assets, the authority has adopted a “stepwise plan” to offer a series of guidelines for their classification.

The Belgian financial watchdog emphasized that the plan is neutral regarding technology. “The qualification as security, financial instrument or investment instrument does not depend on the technology that is being used,” it elaborated, adding that it’s ready to update the plan in order to reflect regulatory changes in the future.

One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework, which was agreed upon by European institutions and member states at the end of June. In July, the FSMA launched a consultation on the classification of crypto assets. Earlier this year, the watchdog introduced registration requirements for crypto exchange and wallet service providers.

Do you expect authorities in other European jurisdictions to issue similar clarifications regarding the status of cryptocurrencies? Share your thoughts on the subject in the comments section below.

Source: Regulation Archives – Bitcoin News

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Breaking News: Yuga Labs Founder Steps Down for Health Reasons

NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health.

NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health after CHF Diagnosis.

Yuga Labs Founder Steps Down 

Wylie Aronow, one of the co-founders of Yuga Labs, recently announced that he will be taking a leave of absence from the company due to health reasons. In a tweet, he shared that he had been diagnosed with congestive heart failure. Aronow, who is also known by his pseudonym Gordon Goner, stated that the symptoms started last year and that he had delayed seeking medical attention so he could continue working. However, after undergoing testing, his doctor advised him to make significant changes to his lifestyle.

Aronow announced his departure from his role at Yuga Labs to focus on his health. In a statement, he stated that he would be taking a leave of absence to prioritize his well-being. Although he will no longer have a full-time position at the company, Aronow will continue to serve as a Board Member and Strategic Advisor, though the extent of his involvement in these capacities was not specified.

In a tweet, Aronow explained his departure. He stated that his chronic illness consumed most of his twenties and that he overexerted himself at Yuga Labs, working 12 hours daily. He regrets not finding balance, despite advice from those around him. Aronow’s priority now is to seek medical treatment and focus on healing.

Yuga Labs, with Aronow, gained recognition in early 2021. Aronow and co-founders Greg Solano (Gargamel), Zeshan (Sass), and Kerem (Tomato Ketchup) launched the Bored Ape Yacht Club (BAYC) NFT collection on April 23, 2021. The collection became a massive success. Although the NFTs were initially priced at .08 ETH per ape (around $190), they soon sold for over $100,000 on secondary markets.

Wylie remains a board member and advisor at Yuga Labs. In a Twitter thread, he expressed his confidence in Yuga’s future and the leadership of @cryptogarga. The addition of Daniel Alegre, soon-to-be former President and COO of Activision, further strengthens his positive outlook. Wylie also has a bright future ahead for his brand.

Source: Altcoin

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