The European Union Blockchain Observatory and Forum published its September newsletter, which covers the activities and events in EU on topics such as blockchain and artificial intelligence. This issue of the newsletter announces the publication of a thematic report that discusses the legal and regulatory framework of blockchains and smart contracts. The newsletter also notifies about the workshop on blockchain and cyber security to be held on October 29, 2019 and about the global blockchain congress convergence to be held during November 11-13, 2019.
The thematic report begins with an overview of legal issues as they pertain to blockchain technology, in particular issues that arise due to the decentralized nature of many blockchain-based platforms. This is followed with a look at the legal implications of different kinds of smart contracts. These include smart legal contracts, which are smart contracts on a blockchain that represent a legal contract as well as smart contracts with legal implications, which are artefacts/constructs based on smart technology that clearly have legal implications: for instance, in the form of digital assets, or decentralized autonomous organizations or other kinds of autonomous agents. Finally, the report provides eight guiding principles to aid policy makers in dealing with the related issues and challenges. The report addresses issues that are important at the moment to the European blockchain industry as well as policy makers looking to cement the position of Europe as an attractive location for blockchain technology
The newsletter also highlights the following issues that caught the attention of community during the month:
- The German government now has an official blockchain strategy
- US lawmakers ask FED about national digital currency plans
- World Economic Forum outlines over 65 blockchain use cases for environmental protection
- FINMA issues guidance on stringent approach to combating money laundering on the blockchain
- EU publishes advice on initial coin offerings and crypto-assets
- Interesting developments taking place in the UK using artificial intelligence and blockchain under the Land and Property Law
Keywords: Europe, EU, Banking, Insurance, Securities, Blockchain, Blockchain Observatory, Newsletter, Fintech, Regtech, EC
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ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.
FED released hypothetical scenarios for a second round of stress tests for banks.
FED is proposing to temporarily revise the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes necessary to conduct stressed analysis in connection with the re-submission of capital plans, using data as of June 30, 2020.
FED adopted a proposal to extend for three years, with revision, the information collection under the market risk capital rule (FR 4201; OMB No. 7100-0314).
EBA published a voluntary online survey seeking input from credit institutions on their practices and future plans for Pillar 3 disclosures on the environmental, social, and governance (ESG) risks.