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EUROPEANCENTRALBANK
EUROSYSTEM
OccasionalPaperSeries
ChryssaPapathanassiouDigitalinnovationandbankingregulation
No351
Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).The
viewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.
Digitalinnovationandbankingregulation
1
Contents
Abstract2
Non-technicalsummary3
1Introduction5
2Thepromisesandperilsofdigitalinnovation6
3TheEUfostersdigitaltrends8
3.1AlevelplayingfieldforprovidersanddeployersofAIsystems8
3.2Cross-sectoralregulationofmarketsforcrypto-assets10
3.3Oversightofcriticalcloudcomputingserviceproviders11
4Bankingregulationanddigitaltrends14
4.1Gapsinbankingregulation14
4.2Howtofosterarisk-basedprudentialframework15
4.3MarketdisciplinethroughharmonisedPillar3disclosures17
5Conclusion18
6References20
ECBOccasionalPaperSeriesNo351
2
Abstract
TheEuropeanUnionisaimingtofosterdigitaltransformationinallsectorsby2030.Ithaspioneeredcross-sectorallegislationonartificialintelligence,cloudcomputingservicesandcrypto-assetsforthispurpose.YetcomparedwiththeworkdoneonESG,theprospectivebankingregulationregimehasstilltoarticulatemore
purposefullyhowtheindustryshouldmanagetherisksfromdigitaltrendsandhowsupervisorsshouldassessthem.Thispaperdiscussesdigitalinnovationinthe
bankingsectorinthecontextoftheacademicliteratureonfinancialinnovationandnon-banks.Italsoconsidershowtofosterarisk-basedPillar2prudentialframework,aswellasmarketdisciplinethroughharmonisedPillar3disclosures.Thepaper
concludesthattheselattertwopropositionscanhelpreconcilethechallenges
stemmingfromtheshort-termhorizonappliedinprudentialassessmentandthelonger-termhorizonoverwhichdigitalinnovationwilltakeplaceinthebankingsector.
Keywords:digitalisation,artificialintelligence,crypto-assets,cloudcomputing,supervision
JEL:K23,K24
ECBOccasionalPaperSeriesNo351
3
Non-technicalsummary
TheDigitalFinanceStrategysetsouttheEuropeanUnion’scommitmenttofosteringthedigitaltransformationofcompaniesby2030.ThispaperdiscussestheinterplaybetweenthreeEUlegalactsthatimplementthisstrategyandbankingregulation.
ThepaperexaminesthedigitaltransformationofEuropeanbanksinthecontextofbroaderacademicresearchintofinancialinnovationandnon-banks.The“dual
natureoffinancialinnovation”theorypositsthatcyclesofprosperityarisingfrom
financialinnovationarefollowedbycyclesofseveredisruption.Thenovelaspect
withdigitaltechnologiesisthatanydifficultyabankmayfacecanbedisseminatedinstantlyviasocialmedia,whichhasthepotentialtoamplifyitsimpactworldwide.
Thechallengesarenotnew,butthequestionremains:howshoulddigitalinnovationinthebankingsectorberegulated?
Someresearchersadvocateadaptiveprobingofbankingregulationbasedon
experiencegarneredfromashortperiodofregulatoryexperimentation.ThefutureArtificialIntelligenceActpromotesthistrendintheEUbymeansofregulatory
sandboxes.Theseconstituteaculturalshiftinbankingregulation,whichisprimarilyrule-based.
Moreover,thephenomenonofre-intermediationfollowstheuseofdigitaltrends,withbanksexitingcertainmarketsegmentspopulatedbynew,technologicallysavvy,
entrants.
TheEUisencouragingdigitaltrendsbyenactinganinnovativeframework.The
ArtificialIntelligenceAct(AIAct)1
willpromotealevelplayingfieldforbanksand
non-banksasprovidersordeployersofAIsystems.The
DigitalOperational
ResilienceAct(DORA)2
strengthenscooperativeoversightofcriticalcloud
computingserviceprovidersbybringingtogetherallrelevantauthorities,includingprudentialsupervisors.The
MarketsinCrypto-AssetsRegulation(MiCa)3
isa
dedicatedandharmonisedframeworkintroducingaproportionatetreatmentofcrypto-assetissuersandprovidersinatechnologyneutralway.
WhiletheEUhaspioneeredaregulatoryframeworkfordigitaltrends,thebanking
packagedevelopedinparallel
4
remainslargelyagnostic,exceptforafewdefinitions.
1On21May2024,theCouncilapprovedthe
RegulationoftheEuropeanParliamentandoftheCouncil
layingdownharmonisedrulesonartificialintelligenceeandamendingRegulations(EC)No300/2008,
(EU)No167/2013,(EU)No168/2013,(EU)2018/858,(EU)2018/1139and(EU)2019/2144and
Directives2014/90/EU,(EU)2016/797and(EU)2020/1828(ArtificialIntelligenceAct)(
notyet
publishedintheOfficialJournal).
2Regulation(EU)2022/2554ofTheEuropeanParliamentandoftheCouncilof14December2022ondigitaloperationalresilienceforthefinancialsector(OJL333,27.12.2022,p.1).
3Regulation(EU)2023/1114oftheEuropeanParliamentandoftheCouncilof31May2023onmarketsincrypto-assets(OJL150,9.6.2023,p.40).
4
Regulation(EU)No575/2013
oftheEuropeanParliamentandoftheCouncilof26June2013on
prudentialrequirementsforcreditinstitutionsandinvestmentfirms(OJL176,27.6.2013,p.1)and
Directive2013/36/EU
oftheEuropeanParliamentandoftheCouncilof26June2013onaccesstotheactivityofcreditinstitutionsandtheprudentialsupervisionofcreditinstitutionsandinvestmentfirms
(OJL176,27.6.2013,p.338)(CRRIII/CRDIV)(revisionsnotyetpublishedintheOfficialJournal).
ECBOccasionalPaperSeriesNo351
4
BycontrastwiththeapproachtakentoESGinthefutureCRRIIIandCRDVI,thebankingregulationregimesetoutinCRRIIIandCRDVIdoesnotarticulatespecificguidanceonhowbanksshouldidentify,monitor,evaluateandmanagerisksfromdigitaltrends,norhowsupervisorsshouldassessthem.Areviewofthedata
currentlyprovidedbyrandomlyselectedsignificantinstitutionsshowstheyarealreadydisclosinginformationontheirinvestmentsinanduseofdigitaltrendsvoluntarily,butnotinawaythatiscomparableacrosspeers.
DigitalinnovationwillbeapriorityforEuropeanbanksoverthenextdecade,butthislongerhorizonneedstobereconciledwiththeshorterhorizonusedforprudential
assessment,whichtypicallyspansonetofiveyears.Tomeetthisneed,thepapersuggestsinitiatingdigitalinnovationplansdrawnupbybanksforfiveyears,but
updatedannually.
Thesewouldofferacomprehensiveoverviewofalltheriskstowhichabankisexposedfromvariousdigitaltrendsandallowforarisk-basedPillar2prudentialassessmentofhowtheymightaffectthebusinessmodel,governance/risk
management,capitalandliquidity.Atthesametime,thispapersuggeststheEU
couldconsiderharmonisingPillar3disclosuressoinvestorsareabletoassesstheimpactofdigitalinnovationonthebusinessmodelandprofitabilityoflargelistedbanks.
Thesetwopropositionscallforconcertedactiononthepartofsupervisors,theEUandtheEBAtoadequatelycapturetherisksandopportunitiesstemmingfromthedigitalinnovationthatistakingplaceinthebankingsector.
ECBOccasionalPaperSeriesNo351
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1Introduction
Banksareusingdigitaltrendstooptimisecustomerexperienceandreapefficiencygains.Thedigitaltrendsdiscussedinthispaperincludeartificial
intelligence(AI),crypto-assetsandcloudcomputingservices,whichareallcontemporaryformsoffinancialinnovation.
ΤheDigitalFinanceStrategysetsouttheEU’scommitmenttocreatingasafe
environmentfordigitalfinancialserviceprovidersandtheircustomersby
attainingfourobjectivesby2030:(i)removefragmentationinthedigitalsingle
market,(ii)adapttheregulatoryframeworktofacilitatedigitalinnovation,(iii)promotedata-driveninnovationbycreatingacommonfinancialdataspace,and(iv)address
thechallengesandrisksfromdigitaltransformation.
5
Inthepast,financialinnovationhasoftencreatedafragileequilibrium,withcyclesofprosperityfollowedbyseverefailures.Toaddressthepossibilityofoverrelianceondigitalinnovation,thispaperprovidesrecommendationsto
shapeasystemofbankingregulationthatisfitforpurpose.Thepaper
concludesthatEUbankingregulationshouldmorepurposefullyreflectdigitaltrendsandtheneedforastate-of-the-artprudentialanddisclosureframeworktopromotethegoalofadaptingtheregulatoryframeworktofacilitatedigitalinnovation.
Thispaperisstructuredasfollows:Section2discussestheEUDigitalFinance
Strategyinlightoftheacademicliteratureonfinancialinnovation,non-banksandre-intermediationfromnewentrantsinthevaluechain.Section3discusseshowtheEUisfosteringdigitaltrendsinthreespecificregulations(theAIAct,MiCaandDORA).Section4discussesthelimitationsofthecurrentbankingregulatoryframeworkwhenitcomestoreflectingrisksfromdigitaltrends.ItfurthermakesrecommendationsonhowtofostereffectivePillar2risk-basedsupervision,aswellasPillar3disclosuresonbanks’useofdigitaltrends.Thepaperconcludesthatdigitaltrendshavethe
potentialtorevolutionisethewayprudentialsupervisionisperformed,goingbeyondtraditionaloff-siteandon-siteworkandcreatingnewformsofreal-timeembeddedsupervision.
5See
DigitalFinanceStrategyfortheEU
and
2030DigitalCompass:theEuropeanwayfortheDigital
Decade.
TheCommissionhasexpressedtheambitionthatby203075%ofEuropeanenterpriseswill
havetakenupcloudcomputingservices,bigdataandArtificialIntelligence.See
alsoFinTechAction
plan:ForamorecompetitiveandinnovativeEuropeanfinancialsector.
ECBOccasionalPaperSeriesNo351
6
2Thepromisesandperilsofdigitalinnovation
Banksareapplyingdigitaltechnologiestooptimisecustomerexperienceandreapefficiencygains.Thesamelogichasfosteredalltypesoffinancialinnovation
throughouttheages.Yet,thereisadualityinthenatureoffinance(Goetzmann,
2016),becauseinnovationsfollowarecurrentcycle;phasesofprosperitymade
possiblethankstotechnologicaladvancementsarefollowedbyseverefailuresandfinancialcollapse.
Thesefailureshavenotbeenpreventedinthepastowingtoregulatorycaptureandoverrelianceonthepromisesofinnovation(Hellwig,2009).Analysisofthe2008
financialcrisishasshowntheconnectionbetweenincreaseddemandforcollateralinunregulatedshadowbankingmarketsandthefinancialinnovationofsecuritised
subprimemortgages(Gorton,2010).Thefactthatshadowbankingwasallowedtoblossomandcompetewithcommercialbankingwithoutappropriateregulationandsupervisionwasoneoftherootcausesofthefinancialcrisis.
6
MetrickandTarullo(2021)usetheconceptof“congruentregulation”ofnon-bankfinancialinstitutionstoadvocatesimilarregulationforsimilarriskstostability–
irrespectiveofanentity’slegalformorbusinessmodel.Seriousconcerns
surroundingdataprivacyhavegivenrisetocallstodemocratisetheprivatepowerbehind“informationalcapitalism”(Kapczynski,2020).Newformsoftechnologycanrevolutionisehowprudentialsupervisionisperformed.Forexample,distributed
ledgertechnology(DLT)canmakeembeddedsupervisionpossible,allowing
complianceoftokenisedmarketstobemonitoredautomaticallyandtransparently(Auer,2019).
Bettercapitalisedbanksareasourceofstrength(Enria,2022;Laevenetal.,2016).Yetitisequallytruethatseriousflawsinfinancialsystemarchitecturegreatly
magnifiedtheeffectsofthefinancialcrisis,especiallytheprocyclicalityofcapitalrequirementsandtheparadoxofbankingregulation(Hellwig,2009).Thelatter
meansthatminimumcapitalrequirementsaretheretoavoidatechnicalbank
insolvency.Nevertheless,onlycapitalheldinexcessoflegalrequirementsmaybeavailableasreservesinacrisis.
7
Thereforecapitalmeasuresalonecannotbetheonlyresponsetoanyrisks,includingthosefromdigitaltrends.
Inviewofthedualnatureoffinancialinnovation,regulatoryexperimentationwithitisamechanismforascertainingwhichstrategiesmightworkbest(Romano,2018).
Regulatoryandsupervisoryinnovationneedtoaccompanyfinancialinnovation.Regulatorysandboxesareanexampleofadynamicregulatorymodelbasedon
6See
NationalCommissionontheCausesoftheFinancialandEconomicCrisisintheUnitedStates,
(2011),p.255.
7Hellwig(2009),p.180.Regardingbanks’propensitytousecapitalbuffersandtheimpactofthe
regulatorycapitalreliefmeasuresimplementedbytheauthoritiesduringthepandemic,Couaillieretal.(2021).
ECBOccasionalPaperSeriesNo351
7
adaptiveprobing:alternativestrategiesaretestedinalegallysafeenvironment
(underwaiversfromexistingregulations)andlessonslearnedfeedintoupdatingtheregulationoffinancialinnovationsortrainingthenextgenerationofsupervisors
(Allen,2019).
Asprocessesareunbundled,customerscanchooseandcombinepartsofthevaluechainfromdifferentvendorsinanopenfinancemodeltoachievebetterpricingandcustomisation.Thiscreatesanewformofre-intermediation(Bootetal.,2020).Newentrantsincludefintechfirms.
8
Theseoperatevariousmodelswithlimitedorno
regulationandcanbeactiveindifferentsegmentsinthevaluechain.Fintechsaretakingadvantageofthegrowingdemandforvirtualfinanceandinternetpayments,
9
exploitinggapsininformationanalyticsusingmultitemporalsatellitechange
detection(“spaceaddedvalue”)forriskmanagementpurposes
10
orbringingcredittotheworld’sunbankedpopulation.
11
8
SeetheEBAwebsite;
also
CommunicationfromtheCommissiontotheEUParliament,theCouncil,the
ECB,theEuropeanEconomicandSocialCommitteeandtheCommitteeoftheRegions,FinTech
Actionplan:ForamorecompetitiveandinnovativeEuropeanfinancialsector,COM/2018/0109final.
9Forexample
WISE
and
RocketMortgage.
10Forexample
TELEKAIROS.
11Forexample
Prosperas.
ECBOccasionalPaperSeriesNo351
8
3TheEUfostersdigitaltrends
WhentheservicessectorintheEUwasfoundlaggingindigitaltrendsin2019,
12
the
EuropeanCommissionspearheadedthe2020DigitalFinanceStrategyand
pioneeredlegislationinteraliaonAI,crypto-assetsandcloudcomputingservicesthatwasuniqueworldwide.
ThetenlargestfintechfirmsintheworldwerelocatedoutsideEurope.
13
TheUS
comestopintheglobalranking,followedbyChinaandIndia,accordingtothe2021StanfordGlobalAIVibrancyTool.
ThedigitaltransformationintheEUisalreadyunderway,
14
andisestimatedtorequireinvestmentsofupto€1trillionbetween2020and2030.
15
TheDigitalFinanceStrategyfocusesonpromotinguseofcloudcomputinginfrastructure,investmentsinsoftwarebyadaptingprudentialrulesonintangibleassets
16
anduptakeofAItools.
3.1AlevelplayingfieldforprovidersanddeployersofAIsystems
AlevelplayingfieldforallprovidersofAIsystems
ThefirstAIActintheworldwillenterintoforcein2024andapplyfrom2025.NaturalandlegalpersonsprovidinganddeployingAIsystemsaresubjecttoaseriesoflegalobligations(Article16).
Consequently,theAIActwillcreatealevelplayingfieldamongbanksandnon-
bankswhichprovideand/oruseAIsystems.
17
Itcreatesthreecategories:high-riskAIsystemsaresubjecttoahigherlegalscrutiny;low-riskAIsystemsaresubjecttofewerobligations;unethicalAIsystemsareprohibited.MemberStatesmust
designateatleastanationalnotifyingauthorityandanationalmarketsurveillanceauthorityascompetentauthorities(Article59),whichwillexercisetheirpowerstoensureapplicationandimplementationoftheAct.
12
EuropeanInvestmentBank(2019).
13BarbaNavarettietal.(2020),p.11.FintechswereasupervisorypriorityoftheOfficeoftheComptroller
oftheCurrencyfor2023.
14EuropeCentralBank(2018).
15See
EuropeanCommission(2020),
Table2.
16CommissionDelegatedRegulation(EU)2020/2176of12November2020amendingDelegated
Regulation(EU)No241/2014asregardsthedeductionofsoftwareassetsfromCommonEquityTier1items(OJL433,22.12.2020,p.27).
17TheAIActdefinestheseasmachine-basedsystemsthataredesignedtooperatewithvaryinglevelsofautonomyandthatmayexhibitadaptivenessafterdeployment,andthat,forexplicitorimplicit
objectives,infers,fromtheinputitreceives,howtogenerateoutputssuchaspredictions,content,recommendations,ordecisionsthatcaninfluencephysicalorvirtualenvironments.
ECBOccasionalPaperSeriesNo351
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Arisk-basedapproach:AIsystems
OnewidespreaduseofAIinthefinancialsectorrelatestocreditscoring,
Upstart
forcreditscoringarecategorisedashigh-risk
beinganexample.
18
Creditscoringsystemsareclassifiedashigh-riskAIsystems(Article6(2)).Thesearesubjecttoaconformityassessmentperformedbeforehandbytheprovider.
19
EchoingRomano’sadaptiveprobing,theEUadvancesregulatorysandboxes
20
forfintechandAItopromoteinnovation,andencouragesnationalcompetentauthoritiestoestablishandoperatethem(Articles57-59)tofacilitatethesafedevelopment,
testingandvalidationofinnovativeAIsystemsforalimitedtimebeforetheyare
placedonthemarketorputintoservicepursuanttoaspecificplanunderregulatorysupervision.
21
TheArtificialIntelligenceOffice
22
(Article3(47))developsUnion
expertiseandcapabilitiesattheEuropeanCommissionandcontributestothe
implementationoftheAIAct.
23
TheEuropeanArtificialIntelligenceBoardshall
supporttheCommissiontopromoteAIliteracyandshallbecomposedofMemberStatesrepresentatives,ascientificpanelandanadvisoryforum(recital149).
Regulatorysandboxesneedtobeoflimiteddurationnotexceedingafewmonths,toaddresstheconcernthatfintechfirmsorAIsystemsmayshiftintotoaparallelworldwithoutappropriateregulationandsupervision(Allen,2019).
Since2019severalsupervisoryauthoritieshavesetupinnovationoffices,strategichubsforfinancialtechnologyandregulatorysandboxes
24
toconsolidatethelessonslearnedfromthetestingandpilotingthattakesplaceinsandboxesandassess
innovativedigitaltechnologiesfromarisk-basedperspective.InJuly2023,the
EuropeanBlockchainRegulatorySandbox
forcasesinvolvingDLTbecame
operationalandselecteditsfirst20casesacrossindustries,themajorityofwhichinvolvefinancialservicesandcapitalmarkets.
Bankingsupervisorsshouldalso
GiventheinterestinAItoolsforbankingservices,Europeanbankingsupervisorswill
considerusingregulatory
sandboxestoremain
needtoconsidersettingupregulatorysandboxestoensuretheyremain
technologicallyup-to-date
technologicallysavvyabouttherisksandopportunitiesassociatedwithsupervisedbanks’useofdigitaltrends.
18LangenbucherandCorcoran(2021),p.16.
19SeeArticles19(2),and43(2)AIAct;also
OpinionoftheEuropeanCentralBankof29December2021
onaproposalforaregulationlayingdownharmonisedrulesonartificialintelligence(OJC115,
11.3.2022,p.5),para2.2.5.
20
CounciloftheEuropeanUnion(2020),
para.8;EuropeanCommissionwebsite;
Allen(2022),p.136..21
MadiegaandVandePol(2022).
22
CommissionDecisionof24January2024establishingtheEuropeanArtificialIntelligenceOffice
(C/2024/1459),
OJC14.2.2024,pp.1-5.
23Articles25(4),53and56.
24Cf.the
CFPBdisclosuresandbox
in2019;theSEC’sFinHub
since2019;theOCC’sinnovationpilot
programsince2019;theUKFCA
’s
regulatorysandbox.
Seealsotheargumentsforregulatorybeacheswherethesupervisorhasthepositionofalifeguardinsteadofapartnersittinginthesandbox,
Peirce
(2018).
AnSSM-wideFinTechHubwassetupin2017.Seealsoth
eSSMDigitalisationBlueprint2023-
2028.
ECBOccasionalPaperSeriesNo351
10
3.2
MiCaregulatestheissuanceandtradingofcrypto-assetsandthusfosterslegalcertainty
Cross-sectoralregulationofmarketsforcrypto-assets
Severalbankshaveinvestedintokenisedcrypto-assets,butthecollapseof
algorithmicstablecoinTerraUSDinMay2022showedboththemagnitudeof
cryptocurrencies(Milne,2022;FSB,2022a)andtheirvolatility(Gortonetal.,2022).MiCaintroducedprudential,marketconduct,andmarketabusepreventionrulesforissuersandprovidersofcrypto-assets
25
andasset-referencedtokens.
26
Thisprovidesaworldwideparadigmofaproprietaryregulatoryframeworkwhich
safeguardslegalcertaintyconcerningtheissuanceandtradingofcrypto-assets.Bycontrast,theSEC’spoweroverdigitaltokenshasbeenrecentlychallengedincourtinasuitthatinvolveswhetherdigitalassetsareclassifiedassecuritiesunderUS
federallaw.
27
MiCawasadoptedaftertheBCBSdevelopedthePillar1treatmentofcrypto-assetexposures(BCBS,2022)andwhilerecommendationsforcryptoanddigitalassetmarketswerebeingfinalised(IOSCO,2023).
MiCaregulatestheissuingandtradingofcrypto-assets,whicharecategorisedintothreegroups,andimposesprudentialrequirementscommensuratetotherisks
associatedwitheachofthethreecategories.Issuersofcrypto-assets(otherthan
asset-referencedtokensande-money)admittedtotradingaresubjecttoalighterregime,mainlyconsistingofpublishingawhitepaper(equivalenttoaprospectus).
28
Issuersofasset-referencedtokensaresubjecttomorestringentauthorisationfromdesignatedcompetentauthorities,includingprudentialrequirementsrelatedto
governance,ownfunds,reserverequirementsandqualifyingholdingpermissions.
29
TheEBAisempoweredtosupervisethosethatitdesignatessignificant,withthe
helpofaconsultativesupervisorycollegeincludingESMAandtheECB.
30
Crypto-assetserviceprovidersauthorisedintheEUshouldhavearegisteredofficeintheEU,ESMAmaintainsaregister,
31
theyaresubjecttoprudentialrequirementsandgovernancerequirements,
32
andcompetentauthoritiesareempoweredto
imposeadministrativepenalties.
33
Significantcrypto-assetserviceprovidersaresupervisedbythenationalcompetentauthorities.
TheEBAandESMA,whereappropriateincooperationwitheachotherandtheECBforcreditinstitutions,areintheprocessofdevelopingtherequisiteregulatory
technicalstandardsforthemtoexercisetheirnewsupervisorycompetenceunderMiCa.
25Adigitalrepresentationofavalueorarightthatisabletobetransferredandstoredelectronicallyusingdistributedledgertechnologyorsimilartechnology.
26Atypeofcrypto-assetthatisnotane-moneytokenandthatpurportstomaintainastablevaluebyreferencinganothervalueorrightoracombinationthereof,includingoneormoreofficialcurrencies.
27
SECvBinanceHoldingsLtd,23-cv-01599,
USDistrictCourtfortheDistrictofColumbia.28Article5MiCa.
29Articles34-36MiCa.
30Articles117-138MiCa.
31Articles109MiCa.
32Articles67-68MiCa.
33Article111MiCa.
ECBOccasionalPaperSeriesNo351
11
Giventheglobalnatureofcrypto-assetactivities,coordinationbetweentheEBA,nationalcompetentauthorities,andprudentialsupervisorsisnecessary
34
tolinkbankingregulatoryrequirementswiththoseunderMiCa(FSB,2022).
TwoimportantfieldsareexcludedfromthescopeofMiCa.First,thePillar1
treatmentofclaimsfromdigitalassets;itisfortheBCBStolayoutthetreatmentoftokenisedclaimsonabankandthecriteriabywhichthesemayconstitutedeposits(BCBS,2023).Second,MiCadoesnotregulateproprietaryaspects(transfersandsecurityrights)relatingtocrypto-assets;thesearestillsubjecttouncertaintiesandlegalrisk.
TheUNIDROITPrinciplesonDigitalAssetsandPrivateLawofferamodelforhowtodeterminetheapplicablelawconcerni
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