EU watchdog says too soon for new blockchain rules

Gaining momentum: Global regulatory bodies are already looking at blockchain. Blockchain is the technology behind bitcoin (pictured).

LONDON: 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.