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While the use of DLT-based financial services is rapidly
transforming the whole picture of financial markets for both market
investors and market infrastructure providers (payment systems,
stock exchanges, trading venues, securities custodians, issuing
companies), these raise specifically challenges for both regulators
and market participants due to the uncertainty on how the existing
regulatory framework can be applied to these innovative

The main institutions in charge of enforcement of the Law
no.66/2020, dated 21.5.2020 “On Financial Markets Based on the
Technology of Distributed Ledgers” (the “Law”) are
the Financial Supervisory Authority (“AMF”) and the
National Agency for Information Society (“AKSHI”). The
Law regulates the conditions for licensing, monitoring,…

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