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
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.