ESMA stresses that MIFID/EMIR and other EU regulations are “technology agnostic”. This means institutions using blockchain technology “need to consider existing rules when designing DLT solutions”.
ESMA acknowledges that blockchain may end up re-structuring financial markets. At the “same time [we] realise that DLT may over time render some processes redundant or change the role of certain market participants”.
But while certain existing regulations may become redundant new “requirements might be needed to mitigate new risks.”