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The European Securities and Markets Authority (ESMA) turned today to the public asking for feedback on the application of blockchain technology (or distributed ledger as ESMA prefers to refer to it) with regard to securities markets. The regulator published a discussion paper listing various possible benefits, shortcomings, challenges and risks that it identified with the technology.
The paper also identifies major EU regulations which would be relevant to a securities blockchain solution. These include the European Market Infrastructure Regulation (EMIR), the Securities Finality Directive (SFD), and the Central Securities Depositories Regulation (CSDR). ESMA hopes stakeholders’ feedback will help it decide if a specific regulatory response ... (read more)