The European Union Blockchain Observatory and Forum published its January-February 2020 newsletter, which covers the activities and events in EU on topics such as blockchain and artificial intelligence. This issue of the newsletter highlights the publication of thematic report on blockchain and the future of digital assets. It also highlights the publication of a report that provides an account of the use cases in a social impact workshop that was held recently in Barcelona.
The thematic report on blockchain and the future of digital assets focuses on the emerging world of blockchain-based digital assets in all its diversity and complexity. The report covers the background on digital assets, their promise, the challenges and issues they pose, and how policy makers and authorities are reacting to the rise of these assets. The report states that EU is focused more on the risks that arise from digital assets, to the detriment of the great opportunities that they bring. It suggests that authorities should continue their efforts to ensure the healthy growth of digital assets in a safe environment and this starts with providing legal certainty for these actors, which actually means greater clarity for regulators to supervise the digital asset ecosystem. The key recommendations of the report are to develop a harmonized understanding of digital assets, determine the legal treatment of digital assets, strengthen the synergy between public authorities and private actors, and clarify regulatory oversight.
Additionally, the newsletter highlights the following issues that caught the attention of community during these months:
- Bafin guidance notice on crypto tokens
- Legal guidelines for smart derivatives contracts (equities)
- Private international law aspects of smart derivatives contracts utilizing the distributed ledger technology
- Companies that are working on distributed ledger technology solutions for capital markets
Keywords: Europe, EU, Banking, Insurance, Securities, Blockchain, Blockchain Observatory, Newsletter, Fintech, Regtech, Artificial Intelligence, EC
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.