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
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
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.