Library of Congress

Law Library of Congress

The Library of Congress > Law Library > News & Events > Global Legal Monitor

Switzerland: New Amending Law Adapts Several Acts to Developments in Distributed Ledger Technology

(Mar. 3, 2021) On February 1, 2021, some parts of the Act to Adapt Federal Law to Developments in Distributed Ledger Technology (DLT Act) (Bundesgesetz zur Anpassung des Bundesrechts an Entwicklungen der Technik verteilter elektronischer Register), an omnibus bill, entered into force. (DLT Act at 21.) The amendments to several civil and financial market laws […]

Russian Federation: New Bill Defines Cryptocurrency, Proposes Tax Regulations

(Jan. 11, 2021) On December 1, 2020, the government of the Russian Federation introduced to the State Duma (the country’s parliament) Bill No. 1065710-7 on Amendments to Parts One and Two of the Tax Code of the Russian Federation. The bill, proposed in mid-November by the Ministry of Finance, includes provisions that would regulate the […]

European Union: Commission Publishes Legislative Proposal to Regulate Crypto-Assets

(Oct. 6, 2020) On September 24, 2020, the European Commission published a legislative proposal on markets in crypto-assets (MICA), which would regulate crypto-assets that fall outside the scope of current European Union (EU) financial market regulation. In addition, it includes special rules for stablecoins, meaning crypto-assets that are designed to maintain a stable value by […]

China: New Securities Law with Registration-Based IPO System Takes Effect

(Mar. 17, 2020) On March 1, 2020, the newly revised Securities Law of the People’s Republic of China (PRC or China) entered into effect. Previously on December 28, 2019, the Standing Committee of the National People’s Congress (NPCSC) had adopted a major revision of the country’s first comprehensive securities legislation—the PRC Securities Law. This Law […]

Liechtenstein: Parliament Adopts Blockchain Act

(Oct. 30, 2019) On October 3, 2019, the Parliament of Liechtenstein unanimously adopted the Token and TT-Service Provider Act (TVTG) (“Blockchain Act”), a “comprehensive regulation of the token economy.” The Act has been substantially revised since the conclusion of the consultation process that ran from August to November 2018. The Blockchain Act is subject to […]

Italy: EU Regulation on the Abuse of Markets Implemented

(Jan. 15, 2019) On September 29, 2018, new legislation implementing an EU regulation concerning the abuse of markets entered into force in Italy. (Legislative Decree No. 107 of August 10, 2018, Provisions Adapting Domestic Legislation to the Provisions of EU Regulation No. 596/2014 on the Abuse of Markets and Repealing Directives 2003/6/CE, 2003/124/UE, 2003/125/CE and […]

Liechtenstein: Government Adopts Consultation Report on Draft Blockchain Act

(Sept. 20, 2018) On August 28, 2018, the government of Liechtenstein adopted a consultation report on a proposed Blockchain Act. The goal of the Blockchain Act is to take advantage of the potential of blockchain technology, create legal certainty for market participants, protect users of blockchain technology from potential abuse, and reduce potential reputation risks […]

Nigeria: Government Reconstitutes the Investment and Securities Tribunal

(Oct. 12, 2017) On September 19, 2017, the Nigerian Minister of Finance announced the reconstitution of the Investment and Securities Tribunal (IST) in order “to sanitise the capital market, restore investors’ confidence and reposition the country’s economy.”  (Bassey Udo, Nigerian Govt. Moves to Sanitise Capital Market; Reconstitutes Investment & Securities Tribunal, PREMIUM TIMES (Sept. 20, 2017).)  […]

European Union: Court Rejects Compensation of Commercial Banks over Greek Debt

(Feb. 8, 2017) In a decision issued on January 24, 2017, the General Court of the European Union determined that the European Central Bank (ECB) is not obligated to compensate commercial banks for losses they incurred in 2012 from the restructuring of Greek debt. The Court said that the ECB had not broken the law by […]

Italy: Law on Public Participation Companies

(Dec. 23, 2016) On September 23, 2016, new legislation establishing the consolidated text of the Public Participation Companies Law entered into effect in Italy. (Law No. 210 of August 19, 2016, Public Participation Companies Law (Law No. 210), GAZETTA UFFICIALE, No. 210 (Sept. 8, 2016), NORMATTIVA (in Italian).)  The purpose of the new legislation is to […]