In a previous draft of the crowdfunding proposal of the European Parliament, ICOs were still part of the new pan-European crowdfunding legislation. It is now removed from the negotiations (latest version). What else is on the table now and how would the new regulation most likely look like?
The European Commission in the past was very clear that a EU wide framework would be important:
“A lack of a common EU [crowdfunding] framework also hinders the ability of crowdfunding providers to scale-up within the Single Market mainly due to conflicting approaches to national supervision and regulation.”
Raises possible up to €8 million
As part of the legislative push, the European Parliament Economic and Monetary Affairs Committee have agreed to extend the scope of the regulation by increasing the maximum threshold for each crowdfunding offer to €8,000,000, calculated over a period of 12 months. For the rest there are still a lot of choices to be made.
Last October, the European association of crowdfunding providers ECN (European Crowdfunding Network) already published a position paper on looming changes to European crowdfunding rules. The ECN stated that based on their extensive experience operating in this space, they believe there are 16 key issues which, if not addressed appropriately, “would defeat or undermine the stated purposes” of any attempt to create pan-European rules.
Open letter to member states
At the end of December they again wrote a letter to all member states to make sure the European Crowdfunding Services Providers Regulation (ECSPR) would be implemented in the best possible way. The write that it is crucial that European crowdfunding players are not faced with the burdens and related costs of identifying and complying with 28 different regimes across the EU and therefore a “29th regime” with regulation that are valid in all European countries is preferred for the industry.
At this time the “trialogue” (the negotiation with the European Council) is started. Because of the European Parliament elections at the end of March they need to hurry to finalize the agreement in time. If they come to an agreement it will most likely take 12 months before it is implemented and can be used. In the most positive case this new regulation will be available by the summer of 2020.
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