Cross-sectoral regulation involves applying rules and oversight across multiple distinct industries or economic areas. This approach coordinates regulatory efforts when an activity or entity spans traditional industry boundaries, ensuring consistent application of legal and ethical standards. It recognizes that emerging technologies, such as digital assets, often intersect with banking, securities, and technology sectors. The goal is to prevent regulatory arbitrage and establish comprehensive oversight for novel financial products and services.
Context
The discussion surrounding cross-sectoral regulation is highly relevant to the digital asset space, where cryptocurrencies and blockchain technology defy easy categorization into existing financial frameworks. Jurisdictions grapple with how to coordinate efforts between financial authorities, data protection agencies, and technology regulators. Achieving harmonized cross-sectoral rules is considered vital for fostering innovation while mitigating systemic risks and consumer protection concerns.
DORA's full application mandates a systemic overhaul of ICT risk frameworks for all EU financial entities, shifting compliance from process to demonstrable operational resilience.
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