BELGIUM
Netherlands
Brussels Belgium
Germany
Law and Practice Contributed by: Pierre E. Berger and Marc Van de Looverbosch DLA Piper UK LLP (Brussels)
Luxembourg
France
Contents 1. Overview of Blockchain and Crypto-Assets p.61 1.1 Blockchain p.61 1.2 Crypto-Assets p.63 2. Regulation p.66 2.1 Regulators and International Alignment p.66 2.2 Crypto-Asset Regulatory Frameworks p.66 2.3 Regulated Firms and Legal Wrappers p.67 2.4 Token Issuance p.67 2.5 Market Abuse p.68 2.6 Non-Compliance p.68 3. Licensing and Set-Up Requirements p.69
3.1 Licensing Requirements p.69 3.2 Set-Up Requirements p.69 3.3 Change of Control p.70 3.4 Passporting p.70 4. Cross-Border Services p.70 4.1 Marketing p.70 4.2 White Labelling p.71 5. Decentralised Finance p.71 5.1 Ability to Use DeFi p.71 5.2 DeFi Structures p.72 5.3 Liability p.72 6. Payments and Stablecoins p.73
6.1 Payments p.73 6.2 Stablecoins p.73 7. Tokenisation and Real-World Assets p.74 7.1 Treatment p.74
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