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Innovation through regulation: A comprehensive regulatory framework for blockchain-based services and products
Journal of Financial Compliance,
3
(2),
147-157
(2019)
Abstract
This paper analyses the regulatory approach currently adopted both at European Union (EU) level (in particular, making reference to the guidelines, opinions and consultations issued by the European Supervisory Authorities [ESAs]), and at national level, focusing on the sole jurisdiction, which, so far, has created a bespoke regime for distributed ledger technology (DLT)-based services and/or products. After having briefly outlined the concept of DLT and crypto-assets and their potential applications within the financial services industry, this paper looks at the current approach developed by the ESAs with respect to DLT-based services and products. The paper then focuses focus on the recent framework introduced by Malta, the first EU jurisdiction regulating DLT-based services and products in a comprehensive manner. In particular, this paper analyses, adopting a pragmatic approach, the main features of the aforesaid bespoke regime. In conclusion the paper analyses whether a harmonised approach, adopted at EU level, should be preferred to a series of nation-wide regimes, which, given the cross-national nature of financial services, might lead to harmful regulatory arbitrage across the continent.
Keywords: blockchain; regulation; FinTech; RegTech; crypto; virtual financial assets; security token offering; STO; initial coin offering; ICO
The full article is available to subscribers to the journal.
Author's Biography
Antonio Giannino is Amagis Capital’s Chief Risk and Compliance Officer, Risk Managing Director and Compliance Officer of different funds. Antonio supervises all the risk management and compliance procedures, including the development of proprietary Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund (AIF) risk management software and MitiGate and anti–money laundering (AML)/know your customer (KYC) software codeveloped between Amagis Risk Ltd and Thynk Software Ltd. Prior to joining Amagis, Antonio was teaching mathematics and economics at Bocconi University in Milan, including financial mathematics and financial macroeconomics. Moreover, he managed several research projects for respected and acknowledged scholars at Bocconi, coordinating research assistants and applying cutting-edge statistical models. Currently, Antonio is a PhD student in Risk Management and Insurance and Visiting Lecturer at Malta University, as well as a board member of both Malta Association of Risk Management and Malta Association of Compliance Officers.
Damiano Di Maio (LLM, banking and finance, London) is an associate lawyer at the Nunziante Magrone law firm. Damiano is specialised in financial regulation, capital markets and compliance. He assists banks, investment companies, funds and commodity firms. He has expertise in cryptocurrencies and blockchain. Nunziante Magrone is a known player in Italian legal market. The firm operates nationally and internationally and is characterised by a specific expertise in the Balkans, the Middle East, Mediterranean countries and North Africa. Nunziante Magrone assists Italian and multinational companies internationally through their cooperation with other leading foreign law firms and nationally through their offices in Rome, Milan and Bologna
Andrea Vianelli is currently serving as Executive Director of CAMA Ltd (Virtual Financial Assets Agent approved in Malta), Director of Amagis LX, Head of Legal and Regulatory Compliance at Amagis Capital (the United Kingdom and Malta), and compliance officer of AMA UCITS SICAV plc. and Amagis Capital Funds SICAV plc. Andrea served as an associate in the Asset Management practice of a tier-one law firm in Malta and in the mergers and acquisitions (M&A) department of a pre-eminent US firm in Milan. Andrea achieved a CFA (Investment Foundation Programme) certification and completed his legal studies (JD and LLM) in London and Padova. Andrea is often invited as a speaker to international events focused on legal and regulatory topics and recently on blockchain.
