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
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EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.