A growing number of inquiries on cryptocurrency regulation and when to consider it as security are being rebuffed by officials.

Bitcoin (BTC) cryptocurrency and ether (ETH) cryptocurrency, two anonymous cryptocurrencies, are not stocks, according to a statement released on Thursday by Belgium’s Markets Authority and Financial Services.

The government claimed that it was receiving more inquiries concerning the legal status of cryptocurrencies and intended to clarify the most commonly encountered murky areas, such as whether or not web content can be considered securities.

Ripple Laboratories should also have licensed its cryptocurrencies XRP, according to the Exchange Commission and Securities in places like the U.S., where disputes over when cryptocurrency is secure have resulted in legal action.

The regulations state that transportable instruments with an operator are likely to be considered securities, much like how they were outlined in a July consultation. This implies that they must adhere to European law defined as MiFID, which compels financiers to be transparent and to prevent conflicts of interest, and they have to create an honest brochure of information for possible investors. Bitcoin will not really count because it has no issuer, though.

According to FSMA, the Belgian regulation is “technological agnostic,” i.e., whether an asset employs a blockchain or a more conventional method shouldn’t affect whether it is classified as a financial product or security.

The guidance stated that even if certain regulations do not apply, crypto firms must nonetheless follow anti-money laundering measures. In the future years, a new EU rule called the MiCA (Markets in Crypto Assets) regulatory oversight will go into effect, requiring new cryptocurrency value propositions to prepare a white paper akin to a stock prospectus.

Professionals are not permitted to offer retail customers securities based on cryptocurrencies under 2014-enacted Belgian regulations.