FRANCE
Belgium
Germany
Paris
France
Switzerland
Law and Practice Contributed by: Estelle Rigal-Alexandre, Marie Frisch and Mohamed Bouzenada Soulier Bunch
Italy
Spain
Contents 1. Overview of Blockchain and Crypto-Assets p.247 1.1 Blockchain p.247 1.2 Crypto-Assets p.250 2. Regulation p.254 2.1 Regulators and International Alignment p.254 2.2 Crypto-Asset Regulatory Frameworks p.254 2.3 Regulated Firms and Legal Wrappers p.256 2.4 Token Issuance p.257 2.5 Market Abuse p.257 2.6 Non-Compliance p.258 3. Licensing and Set-Up Requirements p.258
3.1 Licensing Requirements p.258 3.2 Set-Up Requirements p.259 3.3 Change of Control p.259 3.4 Passporting p.259 4. Cross-Border Services p.259 4.1 Marketing p.259 4.2 White Labelling p.260 5. Decentralised Finance p.260 5.1 Ability to Use DeFi p.260 5.2 DeFi Structures p.261 5.3 Liability p.261 6. Payments and Stablecoins p.261
6.1 Payments p.261 6.2 Stablecoins p.261 7. Tokenisation and Real-World Assets p.262 7.1 Treatment p.262
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