The European Union Blockchain Observatory and Forum published its October-November newsletter, which covers the activities and events in EU on topics such as blockchain and artificial intelligence. This issue of the newsletter announces the success of inaugural edition of the Global Blockchain Convergence Congress 2019, which took place in Spain between November 11 and 13. Also released are the thematic report on Blockchain in trade finance and supply chain, an academic paper entitled "Blockchains and Education," and a report on a recent workshop on blockchain in financial services.
With the joint effort of EC, the Observatory, INATBA, and Alastria, the inaugural edition of Convergence was meant to be the first in what will become a yearly meeting between the global blockchain community, regulators, corporates, activists, and the public at large. The convergence attracted nearly 1,400 attendees representing over 50 countries, nearly 230 speakers, and over 80 keynotes, panels, fireside chats, roundtables, and meetings.
The thematic report on Blockchain in trade finance and supply chain highlights that globalization has made supply chains significantly more complex, involving multiple players globally and a great deal of coordination among large numbers of stakeholders that do not necessarily trust each other. While this has driven up operating costs, increased regulation is driving up the cost of regulatory compliance. Many processes are outdated, often paper-based and supply chains suffer from a lack of transparency due to data not being readily available. This report examines how blockchain technology might provide a means to address many of these issues. Additionally, the academic paper on Blockchains and Education provides a succinct, detailed overview of the use of blockchain and distributed ledger technology for education globally, with conclusions and recommendations tailored for a European context.
The newsletter also highlights the following issues that caught the attention of community during the month:
- South Africa plans new rules to stop crypto from being used to evade currency controls
- Like China’s Crypto was not enough, now a BRICS Crypto is on its way
- Which governments are using bockchain right now?
- Regulating the crypto world—new developments from France
- Latest IFC publication on blockchain
- Thematic Report (PDF)
- Academic Paper (PDF)
- Global Blockchain Convergence Congress
- Report on Workshop on Blockchain in Financial Services
Keywords: Europe, EU, Banking, Insurance, Securities, Blockchain, Blockchain Observatory, Newsletter, Fintech, Regtech, Distributed Ledger Technology, Artificial Intelligence, EC
Previous ArticleEU Approves European Council Proposal on CCP Recovery and Resolution
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.