Article Series on Cryptocurreny Regulation

(c) Gillaume Perigois / Unsplash

⚠️ Warning
I am definitely not a lawyer, so please inform yourself properly before relying on this summarised information.

With all the fuss about regulation coming to cryptocurrencies, I have been reading up on global, European and Belgian crypto regulation.

Since the focus of this website is still very much security focused, I will try my best to highlight the various security requirements with regard to crypto-assets.

Besides crypto regulation, there is also existing or new security regulation. Most of these are -unsurprisingly- specific to the financial sector. However there is also more encompassing legislation, e.g. the Artificial Intelligence (AI) Act, the Cyber Resilience Act (CRA) or the Critical Entities Resilience (CER) Directive. They all mandate compliance with certain security requirements, for a selection of entities in scope.

Please also note that these requirements often intersect (and overlap 😭) with other risk and compliance domains such as non-financial risk management practices (i.e. operational risk, payment fraud, market abuse), anti-money laundering (know-your-customer, know-your-transaction) etc.

Beware, this subject matter quickly gets pretty complicated... 

European regulation 🇪🇺

Crypto specific
Security related
  • Artificial Intelligence (AI) Act
  • Cyber Resilience Act (CRA)
  • Critical Entities Resilience (CER) Directive

Belgian regulation 🇧🇪

Crypto specific

Global regulation 🌎

Crypto specific
Security related
  • CPMI-IOSCO - Guidance on cyber resilience for financial market infrastructures 
  • BCBS - Principles for operational resilience and sound management of operational risk, effective risk data aggegration and risk reporting

Acronyms used:

  • IOSCO: International Organization of Securities Commission 
  • CPMI: Committee on Payments and Market Infrastructures
  • FATF: The Financial Action Task Force
  • BCBS: Basel Committee on Banking Supervision's
  • FSB: Financial Stability Board 
  • FSMA: Financial Services and Markets Authority

Please also have a look the European Commission's Blockchain Strategy and the EC's vision of a legal and regulatory framework for blockchain.

Another interesting read: Smart Contracts, a Law + Technology Perspective by Thibault Schrepel

I will make sure to also add relevant info with regard to the European Central Bank Digital Currency (CBDC), called the "Digital Euro".