Regulation 2022/858 - Pilot regime for market infrastructures based on distributed ledger technology - Main contents
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official title
Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2022/858 |
| Original proposal | COM(2020)594  |
| CELEX number i | 32022R0858 |
| Document | 30-05-2022; Date of signature |
|---|---|
| Signature | 30-05-2022 |
| Effect | 04-07-2021; Application Partial application See Art PTI (b) 22-06-2022; Entry into force Date pub. +20 See Art 19.1 22-06-2022; Application Partial application See Art 19.2 PTI (a) 23-03-2023; Application See Art 19.2 |
| Deadline | 23-03-2023; See Art 8.5 And 9.5 And 10.6 24-03-2024; See Art 15 24-03-2025; See Art 9.8 24-03-2026; Review See Art 14.1 |
| End of validity | 31-12-9999 |
2.6.2022 |
EN |
Official Journal of the European Union |
L 151/1 |
REGULATION (EU) 2022/858 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 30 May 2022
on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
It is important to ensure that Union financial services legislation is fit for the digital age and contributes to a future-proof economy that works for citizens, including by enabling the use of innovative technologies. The Union has a policy interest in exploring, developing and promoting the uptake of transformative technologies in the financial sector, including the uptake of distributed ledger technology (DLT). Crypto-assets are one of the main applications of distributed ledger technology in the financial sector. |
(2) |
Most crypto-assets fall outside the scope of Union financial services legislation and create challenges in terms of, among other things, investor protection, market integrity, energy consumption and financial stability. Such crypto-assets therefore require a dedicated regulatory framework at Union level. By contrast, other crypto-assets qualify as financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council (4). Insofar as crypto-assets qualify as financial instruments under that Directive, a full set of Union financial services legislation, including Regulations (EU) No 236/2012 (5), (EU) No 596/2014 (6), (EU) No 909/2014 (7) and (EU) 2017/1129 (8) and Directives 98/26/EC (9) and 2013/50/EU (10) of the European Parliament and of the Council potentially apply to issuers of such crypto-assets and to firms conducting activities related to such crypto-assets. |
(3) |
The so-called ‘tokenisation’ of financial instruments, that is to say, the digital representation of financial instruments on distributed ledgers or the issuance of traditional asset classes in tokenised form to enable them to be issued, stored and transferred on a distributed ledger, is expected to open up opportunities for efficiency improvements in the trading and post-trading process. However, as fundamental trade-offs involving credit risk and liquidity remain in a tokenised world, the success of token-based systems will depend on how well they interact with traditional account-based systems, at least in the interim. |
(4) |
Union financial services legislation was not designed with distributed ledger technology and crypto-assets in mind, and contains provisions that potentially preclude or limit the use of distributed ledger technology in the issuance, trading and settlement of crypto-assets that qualify as financial instruments. Currently, there is also a lack of authorised financial market infrastructures which use distributed ledger technology to provide trading or settlement services, or a combination of such services, for crypto-assets that qualify as financial instruments. The development of a secondary market for such crypto-assets could bring multiple benefits, such as enhanced efficiency, transparency and competition in relation to trading and settlement activities. |
(5) |
At the same time, regulatory gaps exist due to legal, technological and operational specificities... |
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