ESMA asks stakeholders to “share their views” on distributed ledger technology

ESMA просит стейкхолдеров “поделиться мнением” касательно технологии распределенного реестра

Yesterday, January 4th, the European Securities and Exchange Administration (ESMA) called on stakeholders and other “stakeholders” to share their views on distributed ledger technology (DLT).

This is a collection of replicated, jointly collected and used data. Distributed ledger technology is used as opposed to a centralized database.

Regulator request is part of the ESMA pilot program. Its task is to test the capabilities of the technology for the formation of a trading system, clearing and settlement of financial transactions.

For the first time this was spoken about in the EU in 2020. In addition to the DLT, ESMA’s package of amendments also includes the Crypto Asset Markets (MiCA) and Digital Operational Resilience (DORA) laws.

These changes are intended to fill the “gaps” in the EU base and create a favorable background for trading in new financial instruments.

According to the Commission, the package supports innovation, but also meets all modern requirements in terms of investor protection. Presumably, the DLT ESMA project will be implemented next year.

The purpose of the request is to clarify the feasibility of revising the regulatory framework on transparency and dissemination of data when applied to tokenized derivatives. The regulator also invites legal entities to share their views on the methods of transferring financial data to government agencies. Earlier, we talked about how Europe is setting the stage for cryptocurrency and payment tokens.

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