For EU specific regulations, please visit Europe: Securities Related Laws.

Presently unregulated, initiatives are underway in the EU to have cryptocurrency regulations in place by 2020.

Of some interest may be that the Swedish Financial Supervisory Authority (Sw. Finansinspektionen, FI) has issued a warning related to risks involved with participation in ICOs. The risks identified are e.g. that since most ICOs are unregulated there are no guarantees that the token or crypto currency issued actually confer any rights to the holder against the issuer, that there is no guaranteed market available for the issued asset to be traded on, that information regarding the asset may be misleading or not provided to all investors simultaneously, and that there is a significant risk for fraud.

In the event any specific regulation is enacted, the responsible agency will be the Swedish Financial Supervisory Authority. This agency will also oversee and have under supervision any ICO or Token Sale which may become regarded as a regulated investment activity.

Sources

• ICOs and Token Sales Regulations in Various Jurisdictions
• The Role of Data Protection in Distributed Technology