Following the entry into force of the Markets in Crypto-assets Regulation (MiCA), on 14 July 2023 the Dutch legislator has started a consultation on the proposal for the MiCA implementation act (Uitvoeringswet verordening cryptoactiva, the Implementation Act) and it’s explanatory memorandum (memorie van toelichting). Under this Implementation Act the Dutch legislator intends to reduce the transitional period for registered crypto service providers from 18 to 6 months. As a result, these companies will have to apply for a MiCA licence as a crypto-asset services provider (CASP) earlier than expe ..read more

In everyday parlance it is often said that transactions executed with blockchain technology are ‘anonymous’. But how anonymous is data ‘on the blockchain’ really? What we call anonymous in everyday life can, according to the definitions from privacy legislation, be filled with personal data. And what is anonymous today may no longer be so in the future. Jorie Corten wrote a problem exploratory paper about this field of interest, for her study International Technology Law at the VU Amsterdam. Jorie’s article provides an accessible introduction to what blockchain technology actually is. It then ..read more

1. Introduction After reaching a provisional political agreement on the final text on 30 June 2022, the Markets in Crypto-assets Regulation (MiCA) was formally voted on and adopted in the plenary of the European Parliament on 20 April 2023. Subsequently, MiCA was formally signed into law by the European Parliament and the Council of the European Union on 31 May 2023. On 9 June 2023 MiCA was finally published in the Official Journal of the European Union (the OJEU).   This blog outlines an overview of the relevant dates of the remainder of the legislative process. In addition, this blog wi ..read more

The GDPR will soon celebrate its first lustrum. Since 25 May 2018, organisation in the Netherlands have been obliged to comply with the General Data Protection Regulation (GDPR). This is not always easy, so sometimes things go wrong. Anyone who falls victim to a GDPR-blunder can file a complaint with the Dutch Data Protection Authority (DPA). That has the power to impose hefty fines on organisations that violate the GDPR. In recent years, it took some time to get used to the GDPR. That compliance with this regulation was not always entirely successful is shown by the number of complaints files ..read more

Digitalisering in het betalingsverkeer heeft voor een ongekende dynamiek gezorgd. Contant geld wordt steeds minder gebruikt en de coronacrisis heeft dit een extra duwtje in de rug gegeven. Deze ontwikkelingen en het toenemende aantal nieuwe digitale activa dat op de markt is gekomen, deden de alarmbel rinkelen bij centrale banken om serieus na te denken over de digitalisering van publiek geld, ook wel bekend als Central Bank Digital Currency (CBDC). Inmiddels is al 90% van alle centrale banken in de wereld met dit thema bezig. De Europese Unie is ook begonnen met nadenken over digitale euro’s ..read more

1. Introduction: Establishing the Anti-Money Laundering Authority (AMLA) has been referred to as the centrepiece of the new Anti-Money Laundering (AML) package by the EU Commission. Broadly speaking, it will promote cooperation and convergence of AML and Countering the Financing of Terrorism (CFT) practices across the EU by monitoring the work of financial supervisors at national level and Financial Intelligence Units (FIUs) and coordinating their joint efforts. According to the European institutions issuing the proposal, the current AML framework suffers from certain shortcomings, especially ..read more

1. Introduction: In July 2021, the European Commission presented a new package of legislative proposals to strengthen the measures against money laundering and financing of terrorism across the European Union. This package consists of a Regulation establishing the new EU Anti-Money Laundering Authority (AMLA), an Anti-Money Laundering Directive 6 (AMLD6), a new Regulation of directly applicable rules on Anti-Money Laundering and Countering the Financing of Terrorism (AMLR) and a revised version of the 2015 Transfers of Funds Regulation (TFR). 2. Objectives: The package aims to improve the mean ..read more

Artificial intelligence has revolutionised the way we interact with technology, and one of the most recent and impressive examples of this is the development of language models such as ChatGPT. However, due to its broad applicability and fast emergence, ChatGPT has created many legal uncertainties, among which is its coherence with the GDPR. About this interesting clash of technology and law, Jorie Corten wrote a research paper for her master’s degree in law at the Vrije Universiteit Amsterdam. Her research especially focuses on the following question: Is the training data of ChatGPT comp ..read more

1 – Crypto-Asset Service Providers Crypto-asset service providers (CASPs) are companies that help users control, trade or store their crypto-assets. Examples include Luxembourg based Blockchain.com, a virtual cryptocurrency wallet provider responsible for facilitating 28% of global bitcoin transactions, Bitpanda, an Austrian based exchange enabling the purchase and sale of crypto-assets as well as providing payment services with such assets, and Bitstamp, a Luxembourg based trading platform allowing fiat to crypto exchange and offering institutional clients liquidity, order executions and real ..read more

Our crypto team has won the BCNL Community Award 2022! The award is a Blockchain Netherlands Foundation initiative in which the public votes for various categories. The presentation is part of the Dutch Blockchain Week, which is taking place this week. Our team won the award in the BCNL Community Award category for its commitment to the crypto community and the degree to which they regularly share knowledge and create exposure, especially regarding crypto regulation. From pioneers to experts Since the establishment of Watsonlaw in 2018 the crypto team has dedicated itself to making t ..read more