Blockchain technology and crypto-currencies are challenging legal systems in many ways. The European Union is working on a regulatory approach to new technologies which are significantly impacting the financial sector.
Nikolas Guggenberger presented on “The EU Regulatory Approach to Blockchain Technology” at the University of Luxembourg on 31 January 2017. His presentation covered the steps taken so far by the EU. He discussed the European Parliament resolution on virtual currencies of May 2016, the proposal of the European Commission on amending the Anti-Money Laundering Directive and the current status of negotiations. Nikolas added recommendations for a future policy agenda in the field. The subsequent discussion covered the possibilities of enforcing the requirements of the General Data Protection Directive in decentralized networks as well a suitable design for supervisory structures. Furthermore, Nikolas elaborated on the appropriate level of government engagement in innovation.