#EUCI, with other 5 organisations and 55 signatories, has written an open letter addressing concerns regarding the #DataAct.

We call on lawmakers to reconsider and clarify certain aspects of it, to ensure neutrality and legal certainty in the #blockchain industry. 🟣 Article 2(16)

The current definition of 'Smart Contracts' is broad, and we fear it may lead to unintended consequences for existing #SmartContracts on public #blockchains, such as Ethereum, Avalanche, Cardano, Cosmos, IOTA, NEAR, Chromia, and Polkadot.

1/ In the ever-evolving world of emerging technologies, #SafeHarbor provisions serve a vital role in striking a balance between fostering innovation and providing legal protection for businesses operating in uncertain legal environments 🧵

#CryptoRegulation #EU 2/ By complying with specific rules or standards, entities can benefit from legal protection, allowing them to focus on promoting innovation in their respective industries.

1/ Are you curious about how regulators can foster innovation in industries like #blockchain and #cryptocurrency while ensuring compliance? Enter the world of regulatory sandboxes 🧵 2/ Regulatory Sandboxes are an approach that empowers businesses to test their innovative products and services in real-world settings while being closely monitored by regulatory authorities.

The European Systemic Risk Board (#ESRB) has released a report diving into EU non-bank financial intermediation risk monitoring from June to December 2022 and the risks that could impact non-bank actors in the #crypto industry. We've read it for you👇

#CryptoRegulation 📌 Key risks identified are:

1️⃣ Persistent credit risk - Opaque business structures and unsustainable business models leading to default

2️⃣ Market risk - Boom and bust cycles fuelled by leverage and the speculative nature of assets

1/ In light of today's second political trilogue, we are sharing our position on #AMLR. We discuss our concerns & recommendations to strike the right balance between tackling financial crimes & fostering innovation in the #blockchain & #crypto industries. 2/ 🟣 We highlight the issue of double scoping of #CASPs as both financial institutions & a standalone category, potentially leading to legal confusion. We ask legislators to revert back to the EC's initial proposal for defining obliged entities under #AMLR.

IOSCO recently published its long-awaited consultation report on regulating #CryptoAssets, consisting of 18 high-level recommendations for global regulators to take into consideration when crafting and enforcing rules in this area. ⏰ The deadline to provide feedback has been set for 31 July, with a view to finalising them by September/October this year

The European Systemic Risk Board (ESRB) has published a report addressing the systemic implications and policy options for crypto-assets and #DeFi within the #EU, warning that the current regulatory landscape has gaps that must be addressed.

#CryptoRegulation The ESRB identifies 3 key priorities for mitigating risks:

1️⃣ Enhancing EU's capacity to monitor potential contagion risks between #crypto and traditional finance: this involves standardising reporting and disclosure requirements for institutions with exposure to crypto-assets.