THE BLOCKCHAIN AND VIRTUAL CURRENCIES WORKING GROUP

The Blockchain and Virtual Currencies Working Group (WG) is a group of industry representatives; the WG is a member of the European Commission Payment Systems Market Expert Group (PSMEG) and is registered in the European Transparency register under number: 635727423661-17.

The Members of the Blockchain and Virtual Currencies Working Group (WG) adhere to the following Ethical Guidelines.

OUR MEMBERS

OUR AIMS

Educational/working with European regulators

We foster an industry-led conversation
We help to shape the regulation in a way that does not stifle innovation
We work with regulators; information sharing is fundamental to achieve balanced and forward looking regulation

To monitor

Which regulatory initiatives concern us?

To influence the EU regulators work

Can we help in drafting the content of such initiatives?

To advice internally on EU matters

Tool for each WG member General Counsel/ Compliance officer

OUR POSITIONING

Engage with:

The European Commission
The European Central Bank
The European Banking Authority
European Parliament
European Presidency of the Union
Key Member States Permanent Representations in the Council WG on Financial Services

In terms of AML policy:

EU AML rules shall be applied to digital currency exchange platforms equally
EU AML should not be applied to non-custodian software wallet providers
The WG wishes a risk based approach

Means:

Meetings with key EU regulators
Membership of the PSMEG (Payment Systems Market Expert Group)
Position papers on digital currencies and the blockchain addressed to the regulators

Regulation if appropriate can:

Increase the credibility of industry
Increase customer confidence
Allow for a level playing field

IN THE NEWS TODAY

FCA establishes a Temporary Registration Regime for crypto-asset businesses

FCA establishes a Temporary Registration Regime for crypto-asset businesses

Michele Pellerzi2021-01-12T15:16:35+01:00December 16th, 2020|Tags: Brexit, Crypto-assets, FCA, Uk|

The Financial Conduct Authority (FCA) has established a Temporary Registration Regime to allow existing crypto-asset firms, who have [...]

Libra changes its name to Diem in preparation for launch

Libra changes its name to Diem in preparation for launch

Michele Pellerzi2020-12-08T17:07:51+01:00December 1st, 2020|Tags: Diem, Facebook, Libra, Stablecoins|

The Libra Association has announced the adoption of the new name "Diem". While announcing the change, the Association [...]

European Commission publishes the Draft SCCs for transfer of personal data to third countries following Schrems II

European Commission publishes the Draft SCCs for transfer of personal data to third countries following Schrems II

Michele Pellerzi2020-12-08T16:42:08+01:00November 12th, 2020|Tags: Data, European Commission, Privacy shield, SCCs, Schrems II|

The European Commission has published a Draft Implementing Decision on Standard Contractual Clauses (SCCs) for the transfer of [...]

EDPB publishes Recommendations on the European Essential Guarantees for surveillance measures after Schrems II

EDPB publishes Recommendations on the European Essential Guarantees for surveillance measures after Schrems II

Michele Pellerzi2020-12-08T16:55:06+01:00November 10th, 2020|Tags: Data, EDPB, Schrems II|

The European Data Protection Board (EDPB), together with Recommendations 01/2020 following Schrems II ruling, has published Recommendations 02/2020 [...]