If people or organizations issue cryptocurrencies, the Financial Services and Markets Authority (FSMA) declares that it would treat them as securities. The FSMA’s statement is good news for people trying to understand the situation. The agency acknowledges that the Prospectus Regulation, Prospectus Law, and MiFID norms of conduct do not apply when there is no issuer, such as when instruments are produced by computer code, and this is not done following an agreement between the issuer and the ...