The European Securities and Exchange Commission (ESMA) advisory group, the Securities and Markets Stakeholder Group (SMSG), noted in its report that it is desirable to regulate cryptography within existing legislation, rather than introduce new laws and regulations to the European Commission .
According to the report, most cryptographic assets are subject to unfair trade practices that regulate unfair trade practices within the EU, and EU member states should integrate and comply with the legal system. Cryptographic tokens used for settlement such as bit coins are missing from the MiFID II financial instruments directive, which is a regulation for companies dealing with financial instruments such as stocks and bonds, but it should be put into regulation. Of course, the contents of this report are recommendations only. For more information, please click here .