Blockchain does not function in a legal vacuum. Depending on how the technology is used, various legal regulations may be applicable. As blockchain is often used for cooperation between unaffiliated entities, it is worth considering the consequences that may arise under competition law.
Author: Jacek Czarnecki
Advisor to blockchain projects. Creator and participant in many initiatives involving the overlap between blockchain and the law, in Poland and abroad. One of his current projects is organising the Warsaw branch of Legal Hackers. He collaborates with the New Technologies practice at Wardyński & Partners. Write to the author: jacekczarnecki@protonmail.com
Is blockchain to be regulated at international level?
As mentioned in the article on trends in blockchain regulation in 2018, 2018 will probably be remembered as the year in which blockchain began to be regulated in various areas. Public institutions are constantly floating new ideas in a number of different countries.
The measures taken by lawmakers and regulators do not solely reflect a wish to perform tasks such as ensuring financial stability, consumer and investor protection, and crime prevention. Legislators have evidently noticed that there may be true benefits to development of blockchain in their jurisdictions, such as assistance for the local innovation ecosystem, capital inflow, or the attracting of businesses and technological projects.
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FinTech and blockchain in the European Union
In September 2016 we wrote an article (in Polish) on the relevance of EU law for the FinTech sector. FinTech has seen intensive growth on a global scale in the dozen or so months since then.
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Blockchain: Regulatory trends in 2018
A couple of years ago, there were just a few lawyers interested in cryptocurrencies handling the small number of cases in this area. Businesses using this technology had little need for legal services, as the prevailing view among them was that few aspects of their operations were subject to any legal regulation.
Unique tokens—a new trend in the world of blockchain
2017 was undoubtedly the year of the ICO—raising funds by distribution of blockchain tokens. Although neither initial coin offerings nor tokens were entirely new, in 2017 they exploded with full force, generating a huge growth in interest in blockchain technology.
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New regulations covering cryptocurrencies and blockchain technologies
On many occasions we have predicted that cryptocurrencies will soon become subject to Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations.
This became clear in July 2016 when the European Commission announced that it will impose new regulations and presented its proposed changes. (Coming soon: A legal definition of virtual currencies).
In our 2014 Virtual currency report we analysed the anticipated impact of the potential regulations on the cryptocurrency market and discussed the subject again in 2015’s Bitcoin and money-laundering regulations article. We have also brought attention to the subject during industry conferences and meetups.
Currently, legislative work on these regulations is nearing the end, both at the EU-level and in Poland. Below, we take a look at what the nearly-ready rules will contain and their practical impact.
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