• Legal and regulatory framework for blockchain
• Digital finance package

Legal and regulatory framework for blockchain

On 24 September 2020 the Commission therefore proposed a pilot regime for market infrastructures that wish to try to trade and settle transactions in financial instruments in crypto-asset form.

The PILOT regime allows for exemptions from existing rules and allows regulators and companies to test innovative solutions utilising blockchains.

For other crypto-assets that do not qualify as “financial instruments” such as utility tokens or payment tokens, the Commission on 24 September proposed a specific new framework that would replace all other EU rules and national rules currently governing the issuance, trading and storing of such crypto assets.

This Markets in Crypto-Assets Regulation – MiCA – will support innovation while protecting consumers and the integrity of crypto-currency exchanges (no insider trading, front running etc).

Pan-European blockchain regulatory sandbox

A sandbox is a facility that brings together regulators, companies, and tech experts to test innovative solutions and identify obstacles that arise in deploying them.

The European Blockchain Partnership is planning a pan-European regulatory sandbox in cooperation with the European Commission for use cases in the EBSI and outside of EBSI, including for

• data portability,
• B2B data spaces,
• smart contracts, and
• digital identity (Self-Sovereign Identity)

in the

• health,
• environment,
• mobility,
• energy and
• other key sectors.

The sandbox is expected to become operational in 2021/22.

Digital finance package

Embracing digital finance would unleash European innovation and create opportunities to develop better financial products for consumers, including for people currently unable to access financial services. It unlocks new ways of channelling funding to EU businesses, in particular SMEs.

Boosting digital finance would therefore support Europe’s economic recovery strategy and the broader economic transformation.

It would open up new channels to mobilise funding in support of the Green Deal and the New Industrial Strategy for Europe.

Further reference:

• Legal and regulatory framework for blockchain
• Digital finance package

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That explains why President and CEO of #MiGHT, Datuk Dr Mohd Yusoff Sulaiman made that newspaper headline of “Malaysia Sasar 2025 Guna Blockchain” (Malaysia to adopt blockchain by 2025) back in year 2017.

I am thankful that I was being introduced to this “Malaysia Blockchain & Distributed Ledger (DLT) Outlook 2019” earlier today, and found that it is indeed a very comprehensive and good publication by MiGHT.

The article on page 25 titled “Cultural Capital – Why Malaysia is Uniquely Suited to an Open-Source Blockchain World” stated well that “Malaysians possess rich stores of cultural capital to navigate the Anglophone world, which remains the foundation of open-source projects.”

Again, quoted from the book:

To fulfil blockchain’s potential will require an environment that allows innovation and experimentation, while also negating the risks of misuse. The Government therefore will have a significant role in creating a policy framework that will address the challenges presented by the deployment and adoption of blockchain.

MiGHT

Since its inception in 1993, Malaysian Industry-Government Group for High Technology (MIGHT), an Agency under the Prime Minister’s Department has long promoted the use of technology as means to strengthen the nation’s competitive advantage. They are always on the lookout for technology development, conducting the necessary horizon scanning and foresight activities. It is hardly surprising then that blockchain, one of the most significant technology hypes to appear in a long time, would capture MiGHT’s interest and attention.

If you want to know more about Blockchain in Government from the Malaysian perspective, uou can download the full report in PDF format here:
https://www.might.org.my/download/malaysia-blockchain-distributed-ledger-dlt-outlook-2019/?fbclid=IwAR1LioGSoWgdbFAyoBxM3m4-BD9OHdJTnvSe0NHMDcHZrJuhGrXv45arQUA

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