Agencja Unii Europejskiej ds. Cyberbezpieczeństwa, Kryptoaktywa: Wprowadzenie do walut cyfrowych i technologii rozproszonego rejestru

CRYPTO ASSETS

An Introduction to Digital Currencies and Distributed Ledger Technologies

FEBRUARY 2021

EXECUTIVE SUMMARY

The European Commission on the 24th September 2020 adopted a comprehensive package of legislative proposals for the regulation of crypto-assets, updating relevant financial market rules , and is moving forward with creating a PanEuropean blockchain regulatory sandbox facility to test innovative solutions and identify obstacles that arise in using Distributed Ledger Technnologies (DLTs) in the trading and post trading of securities. Crypto-assets may qualify as "financial instruments", in which case they fall under the Markets in Financial Instruments Directive (e.g.: tokenised equities or tokenised bonds). But there are also types that do not qualify as "financial instruments", such as utility tokens or payment tokens, generally refered to as digital currencies. Further, digital currecies when based on DLTs, like the Blockchain, are usually called cryptocurrencies; as...