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
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.