|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 151, Pages 1-33|
|Content Type||Legislation, Policy-making|
Regulation (EU) 2022/858 - formally signed by the co-legislators on 30 May 2022 - introducing a pilot regime for Distributed Ledger Technology (DLT) market infrastructures. It also amends Regulation (EU) No 600/2014, Regulation (EU) No 909/2014, and Directive 2014/65/EU. This is a text with EEA relevance.
A Distributed Ledger is a consensus of replicated, shared, and synchronised digital data geographically spread across multiple sites, countries, or institutions.
This Regulation lays down requirements in relation to DLT market infrastructures and their operators in respect of:
It amends Regulation (EU) No 600/2014 which updated earlier EU legislation on markets in financial instruments, Regulation (EU) No 909/2014 - also known as the Central Securities Depositories Regulation (CSDR) - and Directive 2014/65/EU which became known as the MiFiD 2 Directive.
The legislative initiative was tabled by the European Commission on 24 September 2020 as part of the so-called Digital Finance Package and alongside a Communication setting out a new strategy for digital finance. This strategy identified as one of its priority areas to ensure that the European Union (EU)'s financial services regulatory framework is innovation-friendly and does not pose obstacles to the application of new technologies. The proposed Regulation aimed primarily at removing regulatory hurdles to the issuance, trading and post-trading of financial instruments in crypto-asset form and for regulators to gain experience in the application of DLT in market infrastructures.
An informal agreement between the co-legislators on a compromise text for this file was reached on 24 November 2021.
|Subject Categories||Business and Industry, Economic and Financial Affairs, Internal Markets|
|Subject Tags||Consumer Rights | Protection, Digital Single Market [DSM], Financial Services|
|Keywords||Cryptoassets | Cryptocurrencies, Digital Technology
|International Organisations||European Union [EU]|