Publications

Introduction Article 108 of the EU Artificial Intelligence Act (“AI Act”) introduces a significant amendment to one of the cornerstone instruments of European aviation law: Regulation (EU) 2018/1139 (the “Basic Regulation”). Because this Regulation forms the legal basis for the EU’s entire civil aviation framework, including the unmanned aviation regime, the modification has a direct…

Introduction The Common Reporting Standard (“CRS”) was designed to strengthen tax transparency by facilitating the automatic exchange of information on financial accounts. The emergence of crypto-assets, facilitating peer-to-peer value transfers without the need for traditional intermediaries, has introduced complex challenges for tax compliance and transparency frameworks. In response to these developments the OECD approved a…

Introduction On October 22, 2025, Swiss Federal Council published a new draft for legislative amendments to cover new players and services such as stablecoins and crypto-asset trading platforms. The goal is to apply the principle of “same business, same risks, same rules”, ensuring a level playing field for traditional institutions and fintech/crypto firms, while maintaining…

Introduction Introduction As of today, the number of certified U-space Service Providers (“USSPs”) in Europe remains very limited. Italy’s d-flight and ANRA Technologies (certified by EASA in 2023) represent two leading examples in the European Union. This scarcity of certified USSPs reflects the complexity of the regulatory framework and the demanding certification process, which requires…

Introduction The increasing regulatory, ethical, and operational scrutiny on artificial intelligence (“AI”) systems necessitates structured governance mechanisms. ISO standards introduced are grounded in the plan, do, check, and act (“PDCA”) cycle, mirroring quality assurance traditions. This article explores how organisations can systematically embed AI Impact Assessments (“AI-IAs”) within this cycle, aligning with ISO 42005 Clause…

Summary   On 28 September 2025, Swiss voters approved the federal e-ID (through swiyu Wallet app) law by a razor-thin margin (about 50.4% in favour).That result reverses the 2021 rejection and gives the Confederation the green light to offer a state-run, optional and free digital identity. Why E-ID? The new framework lets people prove who…

Introduction   Regulation (EU) 2019/945 (the “Regulation”) is a key legislative act within the European Union that lays down the rules for the design, manufacture, and placing on the market of unmanned aircraft systems (“UAS” or “Drones”). The Regulation has undergone multiple amendments to reflect technological evolution and market needs, ensuring safety, traceability, and harmonization…

Introduction   In recent years, the use of artificial intelligence (AI) in the field of defence has attracted increasing strategic and regulatory attention. The entry into force of the Regulation (EU) 2024/1689 (the “AI Act”), the European regulation aimed at governing the development and deployment of artificial intelligence systems, has raised significant questions for the…

Introduction   With the adoption of Regulation (EU) 2024/1689 (the “AI Act”), the European Union has introduced a horizontal framework governing the entire life‑cycle of artificial‑intelligence systems. Article 96(1) of the AI Act mandates the Commission to issue guidelines clarifying the practical application of the Regulation (the “Guidelines”). The Guidelines cover four core areas: definition…

Introduction Article 4 of the Regulation (EU) 2024/1689 (“AI Act”) imposes a new Artificial Intelligence (“AI”) literacy obligation on all providers and deployers of AI systems. In essence, these organizations “shall take measures to ensure, to their best extent, a sufficient level of AI literacy” among their staff and other persons dealing with AI systems…

Introduction The European Data Protection Board (EDPB) has issued crucial Guidelines 02/2025 (hereinafter the “Guidelines”), providing a much-needed framework for organizations leveraging blockchain or Distributed Ledger Technologies (DLT) while processing personal data. As legal practitioners and operators within the rapidly evolving blockchain sector, understanding and implementing these Guidelines is not merely advisable but essential for…

Introduction Dubai is cementing its position as a global leader in the virtual asset (“VA”) industry through a robust regulatory framework designed to foster innovation, attract investment, and ensure market integrity. The establishment of the Virtual Assets Regulatory Authority (“VARA”) demonstrates the UAE’s commitment to creating a safe and dynamic environment for VA activities. The…

Introduction On January 31, 2025, the European Securities and Markets Authority (“ESMA”) issued a supervisory briefing containing guidance (hereinafter, the “Guidance”) on the authorization of Crypto Asset Service Providers (“CASPs”) under Title V of Regulation (EU) 2023/1114 (hereinafter, “MiCAR”). Before delving into the details of the Guidance, we would like to highlight ESMA’s unequivocal stance…

Emanuele Gambula – Lexify 2.10.2024 When a Token is an Asset Referenced Token Regulation 2023/1114 (“MiCA”, “MiCA Regulation” or the “Regulation”) applies to crypto-assets, which are defined as “a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology”[1]. Therefore, the first essential question to…

ESMA’s Opinion and MCIs The European Securities and Markets Authority (“ESMA“) recently issued an opinion (hereinafter the “Opinion”) to support the application of the Regulation (EU) 2023/1114 (“MiCA Regulation”). The Opinion addresses the regulatory and supervisory challenges posed by Multifunction Crypto-asset Intermediaries (“MCIs“) and aims to ensure effective and harmonized implementation of MiCA Regulation across…

Unlocking Insights into MiCA ImplementationCOMMENTARY ON THE CONSULTATION PAPER ISSUED BY ESMA In anticipation of the upcoming consultation package expected to be released by the European Securities and Markets Authority (ESMA) in October 2023, it is appropriate to briefly analyze the key themes of the first consultation package published on July 12, 2023. Given that…

The issue of direct and indirect taxes impacting companies (legal entities) issuing tokens takes on great interest and complexity, both in terms of their qualification and attribution value in the absence of a market. Concerning the qualification, it is well known that in the designing and development stage of the business or product, start-ups usually…