Pilot regime for digital assets

Through its Digital Assets Group and Legal Committee, AMAFI is keeping a close eye on the legislative and regulatory changes affecting the world of digital assets and blockchain, or distributed ledger, technology, including the pilot regime for digital assets (Regulation (EU) 2022/858) and the proposed Markets in Crypto-Assets (MiCA) Regulation.

As part of this, AMAFI examined the question of cash settlement under the pilot regime. It considers that central bank money should be the preferred means of settling transactions on a distributed ledger (AMAFI I 22-60). AMAFI also expressed its support for the authorities in the experiments that they are conducting on central bank digital currencies.

AMAFI additionally replied to ESMA's consultation (AMAFI / 22- 62) on the authorisation forms to be completed by entities applying to operate under the pilot regime. It asked for clarification on the scope of certain information, including the concept of a public/private blockchain or the possibility for private investors to access trading systems directly.