'European Financial Law and Blockchain-Based Finance'
Blockchain-based tokens are emerging as a new, heterogeneous asset class, creating a market for a wide range of new and old financial activities. Because of the rapidly evolving nature of the industry, it is still unclear how existing legal frameworks apply to blockchain-based financial networks, and which mechanisms are necessary to ensure compliance with the applicable rules. Under a functional approach, most activities which involve blockchain-based crypto-assets fall under the scope of the MiFID II legal framework and investor protection rules. However, the decentralization of the technical infrastructure and the dispersion of controlling actors prevents, in some circumstances, the formal applicability and the practical enforceability of norms. After exposing drawbacks in the regulation of blockchain-based financial applications, the paper addresses compelling legal and policy questions such as: should financial law requirements be better tailored as to accommodate decentralized business models and peer-to-peer fintech solutions? Why are some states particularly interested in attracting the blockchain industry, and which dangers might they encounter? Is a “regulatory competition” among states potentially beneficial, or could it jeopardise legal safeguards, creating financial stability, market integrity and consumer protection risks? Is legal intervention necessary to protect an adequate level of competition in the provision of financial services within the EU?
Amsterdam Law School, building REC A, Research Seminar Room (A3.01)
Nieuwe Achtergracht 166, Amsterdam
The paper will be distributed only to the registered participants by email.
Lunch will be provided. Please register before 24 September: firstname.lastname@example.org.
Valeria Ferrari is a PhD candidate at the Institute for Information Law (IvIR) of the University of Amsterdam, a member of the Blockchain & Society Policy Research Lab, and an ACLE Research Associate.
The Amsterdam Center for Law and Economics (ACLE) is a joint initiative of the Faculty of Economics and Business and the Faculty of Law at the University of Amsterdam (UvA). The objective of the ACLE is to promote high-quality interdisciplinary research at the intersection between law and economics.
ACLE Brownbag seminars are a venue for ACLE researchers to present their ongoing research to the broader community of UvA scientists.