About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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EU Council adopts DAC8: Another directive to strengthen the exchange of information in the field of taxation
On 17 October 2023, the Council of the European Union adopted Directive 2011/16/EU on administrative cooperation in the field of taxation, aimed at strengthening the cooperation and exchange of information between national tax authorities. This directive primarily focusses on crypto-assets and tax rulings for high-net-worth individuals. It also takes the opportunity to extend the scope of the categories of income subject to exchange of information.
31 Oct 2023
EU reaches provisional deal to strengthen banks dealing with crypto assets
On 29 June 2023, the European banking sector negotiators from the European Parliament, the Council, and the Commission have reached a provisional agreement on changes to the Capital Requirements Regulation (CRR), here and the Capital Requirements Directive (CRD), here .
28 Aug 2023
ESMA warns of the risks arising from the provision of unregulated products and/or services by investment firms
On 25 May 2023, the European Securities and Markets Authority (ESMA) issued a public statement warning investors about the risks associated with investment firms offering both regulated and unregulated products and services. ESMA emphasises that retail investors often rely on the reputation of an investment firm, which may in turn lead them to overlook the potential risks of unregulated products and services, known as the "halo effect". More specifically, such an overlook commonly occurs when unregulated products have a similar purpose to regulated financial instruments governed by MiFID II.
21 Jul 2023
ESRB’s latest report sheds light on cryptocurrencies and DeFi risks
On 25 May 2023, the European Systemic Risk Board published a report, focussing on the systemic implications of crypto-asset markets and proposing policy options to mitigate the risks associated with crypto-assets and decentralised finance for the stability of the EU financial sector. Importantly, the report also takes into account the potential impact of the new EU Regulation 2023/1114 on Markets in Crypto Assets (aka MiCA).
21 Jun 2023
New era of crypto regulations: MiCA and travel rule regulations published in the Official Journal, MiCA overview guide included
On 9 June 2023, EU Regulation 2023/1114 on Markets in Crypto Assets (MiCA) and EU Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Travel Rule Regulation) were published in the Official Journal of the European Union.
13 Jun 2023
European Council adopts ground-breaking MiCA framework and travel rule regime
On 16 May 2023, the Council of the European Union took a significant step in regulating the crypto-assets space by adopting the regulation on Markets in Crypto-Assets (MiCA) and the regulation on information accompanying transfers of funds and certain crypto-assets (the Travel Rule Regulation). This marked the final legislative approval required before publication of MiCA and the Travel Rule Regulation in the Official Journal of the European Union.
17 May 2023