{"id":118321,"date":"2023-08-21T08:33:53","date_gmt":"2023-08-21T06:33:53","guid":{"rendered":"https:\/\/ceadigilaw.org\/regulacion-de-emisiones-de-criptoactivos\/"},"modified":"2026-07-17T21:34:18","modified_gmt":"2026-07-17T19:34:18","slug":"regulacion-de-emisiones-de-criptoactivos","status":"publish","type":"post","link":"https:\/\/ceadigilaw.org\/en\/blog\/regulacion-de-emisiones-de-criptoactivos\/","title":{"rendered":"REGULATION OF CRYPTO-ASSET ISSUANCE"},"content":{"rendered":"
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Antonio Tejeda Encinas<\/a><\/span><\/strong>. President Euro-American Committee of Digital Law – EA Digital Law<\/a><\/span><\/strong><\/div>\n
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How is the regulation of crypto-active emissions carried out? Does regulation apply to all emissions? What are the consequences of an emission that does not comply with regulations?<\/div>\n
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The regulation of cryptoactive emissions varies according to jurisdiction and there is a set of regulations with extensive regulations, although most countries lack specific laws.<\/div>\n
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However, it is important to make an exception in the case of the issue of security tokens through an STO (Security Tokens Offer), which always requires compliance with the corresponding regulation. This means that in this type of issue, there is already legislation applicable in each jurisdiction, even if the issue is made using distributed ledger technology (DLT), in permitted cases, which is not common.<\/div>\n
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As for crypto-assets that do not qualify as financial instruments, taking the European Union as an example, regulation changes significantly thanks to the MICA Regulation. Prior to its implementation on 30 December 2024, the only applicable regulation related to money laundering prevention rules (MLAs) when service providers participate in the offer. However, some Member States already have regulations that address the advertising of crypto-actives, including broadcasts (e.g. Spain or Belgium).<\/div>\n
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With the entry into force of MICA, the issuance of crypto-actives falling within the scope of the Regulation is regulated (excluding, among others, security tokens, NFTs or bank deposits). In general terms, the legal framework establishes the following for offers through ICO, IEO or IDO:<\/div>\n
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– The offer of stablecoins requires a prior license to be offered in the European Union. Offer without authorization is prohibited.<\/div>\n<\/div>\n
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– Emission of e-MONEY tokens requires prior notification instead of a licence, but only credit institutions or EDES authorised in the EU can issue these tokens. However, other entities with the issuer’s permission may offer e-MONEY tokens.<\/div>\n<\/div>\n
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– The offer of non-monetary cryptoactives does not require a licence or authorization, but requires prior notification, accompanied by a whitepaper with minimal information and the disclosure of all advertising communications.<\/div>\n<\/div>\n
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– There are certain exceptions to the regulation of public offers, such as issues exclusively directed at qualified investors, free offers, crypto-active issues as a reward for maintaining DLT or validating transactions (e.g. Bitcoin), or profits for a limited network of suppliers with agreements with the issuer.<\/div>\n<\/div>\n
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– If the issue is carried out through IEO or IDO, the relevant service provider must obtain a prior licence to operate in the European Union, either as an exchange platform, custodian and\/or placement entity.<\/div>\n
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All the information submitted concerns the European Union and does not intend to be exhaustive. For emissions in other jurisdictions, it is necessary to analyse the current regulations of each place.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Antonio Tejeda Encinas. President Euro-American Committee of Digital Law – EA Digital Law How is the regulation of crypto-active emissions carried out? Does regulation apply to all emissions? What are the consequences of an emission that does not comply with regulations? The regulation of cryptoactive emissions varies according to jurisdiction and there is a set […]<\/p>\n","protected":false},"author":2,"featured_media":111456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wds_primary_category":0,"wds_primary_cea_women":0,"footnotes":""},"categories":[1103],"tags":[],"cea_women":[],"class_list":["post-118321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-crypto-assets"],"acf":[],"_links":{"self":[{"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/posts\/118321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/comments?post=118321"}],"version-history":[{"count":1,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/posts\/118321\/revisions"}],"predecessor-version":[{"id":119402,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/posts\/118321\/revisions\/119402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/media\/111456"}],"wp:attachment":[{"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/media?parent=118321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/categories?post=118321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/tags?post=118321"},{"taxonomy":"cea_women","embeddable":true,"href":"https:\/\/ceadigilaw.org\/en\/wp-json\/wp\/v2\/cea_women?post=118321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}