Patrick Armstrong, the EU Securities representative made the comments during a speech at a securities industry event in Oslo on 23rd January. In his remarks, he indicated it is not yet possible to say which regulations might need to change due to the growing adoption of the tech, saying: We believe it is premature to appreciate all the technological changes and the potential regulatory response that may be needed, as the technology is still in its infancy.
Furthermore, regulations outside the finance space may also be impacted by DLT, thereby affecting adoption of the tech as it may occur in the months and years ahead. “[A] number of concepts or principles, eg, the legal certainty attached to DLT records or settlement finality, may require clarification as DLT develops, Armstrong noted. Also, ESMA realizes that beyond pure financial regulation broader legal issues, such as contract law, insolvency law or competition law, may impact on the deployment of DLT.”
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