Francisco Torrens’ Post

💡 The holidays are over, the new year has begun and life is slowly getting back to normal... The perfect reason to get up-to-date and read the ALJB - Association luxembourgeoise des juristes de droit bancaire issue of December 2023 which contains thrilling articles on the latest European and Luxembourg laws and regulations, as well as captivating Luxembourg case law. 💲 On this occasion, I had the honor to co-write the feature article for this edition on #MiCA with my partner Marc Mouton and colleague Francisco Torrens from the #Banking and #Financial Services team at Arendt & Medernach. ⚡ Shout out to all the authors (Astrid Wagner, Faustine Cachera, Grégory Minne, Clara MARA-MARHUENDA, Jean-Luc Putz, Anne-Marie Ka, Elodie Rousseau, Alexis Spitz) and the #ALJB for this very interesting publication. 📚 Have fun reading it! #marketsincryptoassetsregulation #micar #cryptoassets #fintech #TheLuxembourgBankingandFinancialLawAssociation #DLT #virtualassets #cryptocurrencies #monnaievirtuelle #investorprotection #CASP #cryptoassetserviceprovider #distributedledgertechnology #registredistribué #blockchain #token #ART #EMT

The Malta Financial Services Authority (MFSA) released a circular directed to Virtual Financial Assets (VFA) Service Providers, detailing updates to Chapter 3 of the VFA Rulebook. These changes, proposed to align with the Markets in Crypto-Assets (MiCA) Regulation's requirements, will be implemented in two stages: Stage 1 starting on January 1, 2024, and Stage 2 on July 1, 2024, offering transitional periods for compliance. Additionally, the MFSA plans to issue an updated VFASP Return in Q1 and eliminate the VFA Agent role, pending legislative amendments. They will initiate outreach sessions with VFA Service Providers in Q1 to address MiCA preparedness and compliance issues. Further adaptations to the VFA Framework, integrating MiCA supplementary requirements, will follow subsequent publications. . . . #mk #FintechServices #fintechmalta #LegalAssistants #MKFintechPartners #Advocates #crypto #Blockchain #technology #episode #defi #Crypto #FintechPartnersMalta #trading #cryptolicense #blockchain #technology #interview #Fintech #Network #podcasting #audit #CeFi #exchange #finance #invest #science #technology #weekly #news

Today, I had the privilege of attending the Markets in Crypto Assets Regulation Conference, and was genuinely impressed by the depth of discussions and significant attendance, reflecting the growth and relevance of crypto assets in today's financial landscape. I want to express my sincere appreciation to the Malta Financial Services Authority (MFSA) for organizing this event. Their efforts in establishing regulatory standards for crypto assets are commendable, and the conference is yet another testament to MFSA's role in spearheading financial innovation. By connecting regulators and industry players, conferences like these facilitate important opportunities for dialogue and collaborative pan-European efforts in harmonizing regulations, safeguarding end users and shaping a secure and thriving crypto ecosystem. I look forward to more opportunities for meaningful collaboration and knowledge-sharing in this rapidly evolving sector. #blockchain #crypto #financialservices #regulatorystandards #cryptoassets #financialinnovation #blockchainconference #cryptoregulation

Let’s talk about #MiCA implementation. 📌Join us tomorrow at 5.30 PM in the heart of Brussels🇧🇪 with the greatest experts discussing practicalities and challenges accross Europe when it comes to implementing MiCA. 💡How ready are CASPs? How ready are the national regulators? Are financial institutions considering taking the opportunity to become MiCA compliant? And more I will drive the discussion with the intervention of Stéphane Daniel Margaux Frisque 🇫🇷 Dr. Biyan Mienert 🇩🇪 Francesco Paolo Patti 🇮🇹 Marina Markezic 🇸🇮 Blockchain Lawyers Group European Crypto Initiative

Digital Currencies Governance Group (DCGG), together with four other European and national crypto industry associations, Adan, Blockchain for Europe, Crypto Council for Innovation and the European Crypto Initiative, published a joint letter in response to the European Securities and Markets Authority (ESMA) consultation on reverse solicitation. Whilst the industry agrees that MiCA circumvention should be avoided, we criticised that the European Securities and Markets Authority (ESMA) draft: 🔻 goes beyond the level 1 MiCA mandate, 🔻 effectively bans all possible forms of reverse solicitation in the EU and the right of European customers to actively seek services elsewhere, 🔻 has not undertaken the necessary cost-benefit analysis. We suggest that European Securities and Markets Authority (ESMA): 🔼 considers a more proportionate approach,  🔼 differentiates more clearly between solicitation and marketing and educational practices, e.g. fight against criminal activities, 🔼 reverts to a strict application of what actually constitutes direct solicitation. #MICA #ESMA #reversesolicitation #jointletter

Great to see this RWA tokenization initiative by the European Commission. Even better to see someone talking about ISOs in the context of token standards. I wrote about the applicable ISOs recently in a paper - its here: https://lnkd.in/g3Ri6hRM

⚖️ CryptoUK submits our members' supplementary response to HM Treasury (HMT) on the preferred treatment of staking. On 27th April 2023, CryptoUK and our members submitted our collective response to HMT's consultation paper on the proposed future financial services regulatory regime for cryptoassets. Within that response we highlighted that the issues surrounding the regulation of staking were complex and nuanced enough to require further deliberation and discussion. See our response to the original consultation here: https://lnkd.in/eqw4GbFf On the 25th January 2024, we submitted this letter which calls for HM Treasury and the Financial Conduct Authority to approach the regulation of staking with more definitional clarity, given the fundamental differences between staking and other forms of lending or supplying liquidity, as well as the technical details and inherent intentions underlying each of the various forms of staking. Read the full letter here: https://lnkd.in/ejvShwSr If you have any questions and or would like to be involved in our advocacy please contact the team: [email protected] #crypto #digitalassets #blockchain #staking #cryptolending #cryptocurrencies #DeFi #Web3 #cryptolaw #cryptoregulation #advocacy #FCA #HMT

GLEIF is delighted to join ISSA - Intl Securities Services Association as a new member. As a supra-national, not-for-profit organization, GLEIF is firmly committed to the worldwide implementation and use of the Legal Entity Identifier (LEI), an international standard that enables clear and unique identification of legal entities, thus enhancing transparency and trust in the global marketplace. With the growing importance of the digital economy, GLEIF has developed the secure digital counterpart of the LEI, the verifiable LEI (vLEI), to meet the global need for automated authentication and verification of legal entities in the digital realm across a wide range of industries. GLEIF’s CEO, Alexandre Kech, said: “We look forward to collaborating with ISSA and its members to continue building a new global ecosystem for organizational digital identity.” 🔗 https://lnkd.in/dj5bbbHH #GLEIF #ISSA #Collaboration #LEI #vLEI #OrganizationalIdentity #Finance #Blockchain #DigitalTransformation #DigitalTrust

💎 Key Insights from the European Commission on Asset Tokenisation 💎 Jörg Eggs, our CPO, contributed to the European Commission's Workshop on Asset Tokenisation. Over 60 participants from across Europe joined and shared their insights: 🔹Regulatory Challenges - Call for harmonized European securities regulation, avoiding double regulation at national and European level. 🔹Interoperability across different ledgers is key. HTLC and custodial bridges are getting traction. 🔹Standardization of smart contracts and re-using existing financial standards like ISDA and ISO10962 is a key ingredient for further adoption. With SWIAT there is already a blockchain network in production for financial institutions with clear governance and contractual frameworks, ensuring compliance with regulatory and risk management requirements like BCBS60 and allowing for interoperability! DekaBank Deutsche Girozentrale Comyno LBBW SC Ventures by Standard Chartered #AssetTokenization #Blockchain #DLT #DigitalAssets #SWIAT

If blockchain/DLT becomes a core component of regulated financial institutions, particularly banks, conducting thorough risk assessments and effectively managing those risks will be essential. Establishing a robust and clear governance framework around the technology will facilitate this process. Permissioned networks are well-suited for this purpose but must be carefully designed to remain open and useful for a variety of participants and use cases, including those that may eventually be mutually competing.