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. See, F. Benjamin, M. Snagg, and . Yates, The medium is the message : how can the development of DLT improve upon the workings of the indirect holding system for intermediated securities?, Journal of International Banking and Financial Law, 2019.

T. Cremers, Mélanges en l'honneur de Jean-Jacques Daigre -Autour du droit bancaire et financier et au-delà, p.539, 2016.

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P. Paech and . Securities, Intermediation and the Blockchain: An Inevitable Choice between Liquidity and Legal Certainty? » LSE Law, Society and Economy Working Paper 20, Uniform Law Review, issue.4, p.21, 2015.

, For more details, see I. Barsan, « Legal Challenges of Initial Coin Offerings (ICO) », RTDF, pp.54-65, 2017.

M. Chanson, M. Risius, and &. Wortmann, Initial Coin Offerings (ICOs): An Introduction to the Novel Funding Mechanism Based on Blockchain Technology, 2018.

, Initial Coin Offerings and Crypto-Assets », Advice, 2019.

. Ibid and . Vii,

. Ibid and . §16,

S. M. Rauchs, Global cryptoasset regulatory landscape, Cambridge Center for Alternative Finance, 2019.

, European Commission, Financial services -EU regulatory framework for crypto-assets, 2019.

C. and L. Moign, ICO françaises : un nouveau mode de financement?, Autorité des marchés financiers, p.8, 2018.

, World Federation of Exchanges, H1 2018 Market Highlights Report, p.5, 2018.

, World Federation of Exchanges, WFE Annual Statistics Guide, vol.4, 2019.

M. Mainelli and &. Milne, The Impact and Potential of Blockchain on the Securities Transaction Lifecycle, 2016.

O. Wyman and E. , Blockchain in Capital Markets -The Prize and the Journey, 2016.

. Ibid and . Art, , p.13

. Ibid and . Art, , p.23

, Directive 98/26/EC (?) of 19 May 1998 on settlement finality in payment and securities settlement systems

, The potential impact of DLTs on securities post-trading harmonisation and on the wider EU financial market integration, pp.53-58, 2017.

. Directive, (?) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, 2018.

. Fatf-gafi, Guidance for a risk-based approach to virtual assets and virtual assets services providers, 2019.

. Ibid and . §68,