LBChain is the world’s first blockchain-based sandbox developed by a financial market regulator, the Bank of Lithuania. The platform was developed through a pre-commercial procurement and is now opening up to international start-ups as well as financial and FinTech companies to test their solutions on the LBChain. The project combines the creation of innovative blockchain-based solutions with supporting their application in the financial sector as well as improving the quality regulatory requirements and attracting foreign direct investment.
The UK and Dutch national authorities, in a joint operation with Eurojust and Europol, arrested 6 people as part of an ongoing investigation into a €24 million cryptocurrency theft. The thieves are suspected of targeting users’ bitcoin tokens, affecting at least 4 000 victims in 12 countries; these numbers are expected to grow further. With the active support of Eurojust and Europol, the authorities seized a larger number of electronic devices, equipment and valuable assets.
The entry of large technology firms (“big techs”) such as Alibaba, Amazon, Facebook, Google and Tencent into financial services, including payments, savings and credit, could make the sector more efficient and increase access to these services, but also introduces new risks, the Bank for International Settlements (BIS) writes in its Annual Economic Report.
The European Banking Authority adopted an opinion on the elements of strong customer authentication under the second payment services directive (PSD2). PSD2 granted the European Banking Authority a number of mandates to develop draft regulatory technical standards (RTS), including the RTS on strong customer authentication and common and secure communication, which the Commission adopted on 27 November 2017 (Commission Delegated Regulation (EU) 2018/389).
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the European Association of Co-operative Banks, Berlin, 14 June 2019.