No specific European Union rules are needed to regulate blockchain for the time being given the sector's still limited reach, the bloc's securities watchdog said on Tuesday. The conclusion from the European Securities and Markets Authority (ESMA) following a public consultation, is likely to be welcomed by the growing financial technology sector. "At this stage, it is premature to fully assess the changes that the technology could bring and the regulatory response that may be needed, given that the technology is still evolving and practical applications are limited both in number and scope," ESMA said in a statement. New technology does not free up providers from complying with existing rules for safeguarding financial stability and orderly functioning of financial markets, ESMA said.
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