Investment using virtual currency or distributed ledger technology

Investment using virtual currency or distributed ledger technology

from 22 April 2015 to 21 July 2015


Responding to this paper

ESMA invites stakeholders to provide information on all matters in this paper and in particular on the specific questions summarised in Annex 1. Responses are most helpful if they:

• respond to the question stated;

• contain a clear rationale;

• give concrete examples

ESMA will consider all responses received by 21 July 2015.

All contributions should be submitted online at under the heading ‘Your input - Consultations’.

Publication of responses

All contributions received will be published following the close of the call for evidence, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading Legal Notice.

Who should read this paper?

Investment products with virtual currency underlying

anyone offering or investing in virtual currency investment products
anyone providing advisory services to the above

Financial assets/securities issued in virtual currencies

anyone issuing or investing in assets/securities denominated in virtual currencies
anyone providing infrastructure related to the issuance, trading, custody or for the recording of transactions or ownership of such assets/securities
anyone providing advisory services to the above

Distributed ledger technology

anyone using or advising others on the use of distributed ledger technology (‘blockchain’) in relation to transactions in securities, whether or not those securities or transactions require the use of a virtual currency

Document available for this Consultation
22/04/20152015/532Investment using virtual currency or distributed ledger technology


Activity Institution Download
CME Group
Banking Intesa Sanpaolo S.p.A.
Banking Deutsche Bank
Investment Services Tradernet Limited
Issuers Various
Legal and Accountancy
Others Krypto Fin ry (issuer of FIMK cryptocurrency)
Others Modular FX Services Limited
Others ECSDA (European Central Securities Depositories Association)
Others Lykke Corp
Others CFA Institute
Others SWIFT
Others Euroclear SA/NV
Others DBT Labs
Regulated markets, exchanges & trading systems Digital Asset Transfer Authority
Regulated markets, exchanges & trading systems ABN AMRO Clearing Bank N.V.
Regulated markets, exchanges & trading systems LedgerX LLC