Over recent years, the financial services industry has come to be increasingly defined by, and reliant upon, new technologies and systems. Alongside the opportunities afforded by the increased use of technology, regulators are increasingly aware of the growing threat of disruption caused by technology outages and cyber-attacks.
The European Commission and the Council of the EU have set out the EU’s position on the use of global stablecoins. As expected, whilst they accept that financial innovations can benefit the financial sector, they consider that stablecoins pose many global risks, including, but not limited to, risks to consumers and cybersecurity.
The Legal Statement aims to offer the embryonic crypto-asset sector the best possible answers to important private law questions under English law.
The new guidelines are more prescriptive than the previous guidance and have a broader scope, applying to payment and e-money companies for the first time.
IOSCO has published a consultation on the supervision of platforms which trade crypto-assets.
ESMA’s latest advice on ICOs and cryptoassets identifies gaps and issues with current EU regulation.