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German criminal court defies regulatory practice of the financial regulator (BaFin) ruling that Bitcoins are not financial instruments

German criminal court defies regulatory practice of the financial regulator (BaFin) ruling that Bitcoins are not financial instruments.

Regulating Cryptos – Watching and Waiting

Cryptos needs regulation and fast, according to a report on crypto-assets recently published by the UK Parliament’s Treasury Committee (the “Report”). In contrast, the Irish Government and the Central Bank of Ireland are adopting a wait and see approach while they, and the EU, watch the rapidly evolving crypto markets.

Berlin Court of Appeal rules: Bitcoin are not financial instruments within the meaning of the German Banking Act (KWG)

Berlin Court of Appeal rules: Bitcoin are not financial instruments within the meaning of the German Banking Act (KWG). Bitcoin are categorized as a unit of account by the BaFin.

French Data Protection Authority Issues Guidance on the Interplay between the GDPR and Blockchain Technology

The French Data Protection Authority (the “CNIL”) has published a report and related statement on the interplay between the General Data Protection Regulation (“GDPR”) and blockchain technology. Although the GDPR is intended to be technology neutral, it assumes a centralised data management system with a data controller and data processor.

ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets

On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing regulation.

FATF updates standards to prevent misuse of virtual assets; reviews progress on jurisdictions with AML/CFT deficiencies

On October 19, the Financial Action Task Force (FATF) issued a statement urging all countries to take measures to prevent virtual assets and cryptocurrencies from being used to finance crime and terrorism.

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