'Advantages' of distributed ledger technology and the DLT Pilot Regime

„Zalety” technologii rozproszonych rejestrów a rozporządzenie pilotażowe DLT

The aim of the DLT Pilot Regime is to allow for the development of crypto-assets that qualify as financial instruments and for the development of distributed ledger technology. This development is sought, among other things, by allowing some DLT market infrastructures to be temporarily exempted, under certain conditions, from some of the specific requirements of Union financial services legislation that could otherwise prevent operators from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. Distributed ledger technology is often presented as revolutionary technology that will change the future. This paper will examine to what extent each of the indicated in this article 'advantages' of DLT is implemented by the DLT Pilot Regime. Such analysis allows us to assess how DLT-friendly this Regulation is.

Celem rozporządzenia pilotażowego DLT jest zezwolenie na rozwój kryptoaktywów, które kwalifikują się jako instrumenty finansowe, i rozwój technologii rozproszonych rejestrów. Rozwój ten ma być umożliwiony między innymi dzięki tymczasowemu zwolnieniu, pod pewnymi warunkami, pewnych infrastruktur rynkowych opartych na DLT z niektórych szczególnych wymogów unijnych przepisów dotyczących usług finansowych, które mogłyby w przeciwnym razie uniemożliwić operatorom opracowywanie rozwiązań w zakresie obrotu kryptoaktywami kwalifikującymi się jako instrumenty finansowe i rozrachunku transakcji związanych z takimi kryptoaktywami. Technologia rozproszonych rejestrów jest często prezentowana jako rewolucyjna technologia, która zmieni przyszłość. W niniejszym artykule przeanalizowano, w jakim stopniu każda ze wskazanych w tym artykule „zalet” DLT jest wdrożona w ramach rozporządzenia pilotażowego DLT. Taka analiza pozwoli ocenić, do jakiego stopnia to rozporządzenie jest przyjazne tej technologii.

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