Podcast: ESMA Report: Undue Pressure on Companies
On 25 June 2025, the European Securities and Markets Authority (ESMA) published its first comprehensive review of the Distributed Ledger Technology (DLT) Pilot Regime, a regulatory sandbox designed to test blockchain-based...more
The first half of 2025 brought significant developments in the regulation of digital and cryptoassets in the UK and EU. In this half-year update, we review these and look ahead to likely developments in the UK and EU in the...more
The Markets in Crypto-Assets Regulation (MiCA) has now been in full effect for six months. This landmark piece of legislation, which is designed to create a harmonized regulatory framework for cryptoassets across the EU,...more
The European Securities and Markets Authority (ESMA) has published a report, accompanied by a press release, on the functioning and review of the Distributed Ledger Technology (DLT) pilot regime. The DLT pilot regime allows...more
Published on April 29, 2025, the ESMA final report (ESMA75-453128700-1408) outlines the guidelines (Guidelines) for competent national authorities (NCAs) to prevent and detect market abuse in the context of the Markets in...more
Since December 2024, cryptoassets and related services are regulated in the European Union by the Markets in Crypto-Assets Regulation (MiCA). Although the regulation provides a comprehensive set of rules for issuers of...more
In a previous alert, “Are You Ready for MiCA Implementation?,” we discussed provisions of the Markets in Crypto Assets Regulation (MiCA) governing stablecoins that came into effect on 11 June 2024. With further provisions...more
The Irish government has been supportive of the development of the financial services sector in Ireland and this extends to fintech. The government’s strategy for the development of Ireland’s international financial services...more
Key developments of interest over the last month include: the Bank of Italy’s communication on unauthorised payment transactions; the Reserve Bank of Australia’s announcement of an upcoming review into retail payments...more
Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
U.S. Bank Launches Blockchain Network, Crypto Bank Gains Securities License - According to recent reports, the largest bank in the U.S. has gone live with its blockchain-based Tokenized Collateral Network (TCN) and...more
Washington is in a period of closely divided government. The Democrats have the White House; the Republicans have a bare majority in the House; and Democrats have a bare majority in the Senate. In practice, this means policy...more
The Bank of Italy and Consob, as competent authorities for Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT, declared compliance with the ESMA Guidelines on standard forms, formats and...more
Key developments in June 2022: 30 June - The Financial Conduct Authority (“FCA”) published a consultation paper (CP22/11) on winding down synthetic sterling LIBOR and USD LIBOR. The Bank of England (“BoE”)...more
The Situation: On January 9, 2019, the European Securities and Markets Authority ("ESMA") issued advice to the EU Commission, Council, and Parliament on initial coin offerings ("ICOs") and crypto assets. The Result: ESMA...more
With crypto-currencies on the rise and technological developments providing great opportunities in the financial services sector, Initial Coin Offerings ("ICO") provide an innovative way of raising capital. They are...more
U.S. Developments - Regulatory Updates - Texas Clarifies that Stablecoins Backed by Sovereign Currency Qualify as “Money” Under Money Transmission Statute - The Texas Department of Banking recently issued a Supervisory...more
U.S. and International Governments Address Smart Ports, Smart Cities, and Cryptocurrencies - According to reports, in an Oct. 3 meeting, representatives of U.S. Customs and Border Protection (CBP) claimed that the agency is...more
U.S. Financial Industry Developments - FINRA Requests Comment on Financial Technology Innovation in the Broker-Dealer Industry - On July 30, 2018, the Financial Industry Regulatory Authority ("FINRA") published a...more
SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more
1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...more
On 10 November 2017, the European Union (“EU”) General Court (“GC”) rendered a judgment partially annulling the European Commission’s (“Commission”) decision fining a broker for its involvement in the Libor Yen interest rate...more
The European Securities and Markets Authority published a Report on the application of Distributed Ledger Technology to the securities markets. Distributed ledgers, sometimes referred to as blockchains, are essentially...more
The European Securities and Markets Authority is soliciting public comment on its recently published discussion paper on the benefits and challenges of using Distributed Ledger Technology. The European Securities and...more
The European Securities and Markets Authority published a discussion paper on how distributed ledger technology (including, for example, "blockchains") applies to the securities markets. ESMA is assessing the risks posed by...more