FSMA Communication: Classification of crypto-assets as securities, investment instruments or financial instruments

The Belgian Financial Services and Markets Authority (FSMA) just released guidance on how to classify crypto-assets:

• https://www.fsma.be/en/news/classification-crypto-assets-securities-investment-instruments-or-financial-instruments (EN)
• https://www.fsma.be/fr/news/qualification-de-crypto-actifs-en-tant-que-valeurs-mobilieres-instruments-de-placement-ou (FR)
• https://www.fsma.be/nl/news/kwalificatie-van-cryptoactiva-als-effecten-beleggingsinstrumenten-financiele-instrumenten (NL)

Spoiler alert: according to Coindesk BTC and ETH are not considered as securities by the FSMA since there is "no issuer".