What can we expect from the results of the recent European Commission consultation?
The European Commission is to publish soon an impact assessment based on the findings of its consultation on possible Crypto Assets Regulation. A Crypto Asset related legislative framework may then be published in the autumn. Lots of banks have responded to this, some with great concern with regard to what the Commission will announce.
Is the existing legislation (MIFID II and EMD2) fit for purpose or should they be modified? And if so, how?
Is there a risk of protectionism from the European Commission and the stifling of innovation?
What now for those currently classed as ‘non-financial instruments’ such as Stablecoins/Libra?
What are the AML/CFT implications?