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Blockchain Regulation in Key European Markets

Blockchain Regulation in Key European MarketsThis IDC Perspective highlights the concerns of regulators in key European markets around the use of blockchain technology — in particular, the application of smart contracts and their status in law, the use of tokens, and tax implications for crypto-transactions. It rounds up current regulatory frameworks and analyzes their direction of travel in the short to medium term."European legislation in blockchain is being developed rapidly in the past six months. These measures hopefully will increase trust in the entire blockchain ecosystem, create better conditions for innovation for blockchain players, and contribute to protecting financial market integrity," said Neli Vacheva, research manager, IDC Europe Customer Insights and Analytics.

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
Where Technology (and Customer Expectation) Leads, the Law Follows
The Current Regulatory Landscape for Blockchain in Europe
Categorizing Tokens and ICO Issuer Obligations
Technology Characteristics of Blockchain
Token Types
Smart Contracts and Contract Law
Treatment of Cryptocurrencies
AMLA Regulations for Trading Platforms and Custodian Providers
Personal Data Protection and Security: CNIL's Interpretation
Tax Treatment
Exchange of Cryptocurrencies
Cryptocurrency Mining
Local Legislation Approaches
Switzerland: Adjustment of the Current Legal Framework
France: The Next EU Framework?
Estonia: Regulating the Market for AML/CTF Purposes
Spain: Sandboxing for Innovative Start-Ups — Not Just Blockchain
Malta: Holistic Regulatory Framework
IDC's Point of View
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