Abbreviations & Definitions 1) Anti-Money Laundering ("AML") - Refers to
7) European Economic Area ("EEA") - Refers to
activities that aim to fight money laundering by
an international agreement that enables the
establishing processes, policies, and
extension of the European Union's single
enforcement of AML checks, regulations, and
market to member states of the European Free
laws.1
Trade Association.1
2) Central Bank Digital Currency ("CBDC") -
8) European Securities Market Authority
Refers, generally, to a digital currency issued by a central bank, rather than a commercial bank, and is a liability of the central bank and denominated in the sovereign currency, as is the case with physical banknotes and coins.2 The exact definition and functions of a CBDC will vary depending on jurisdiction. 3) Decentralized Autonomous Organization ("DAO") - Refers to a system developed to distribute decision-making, management, and entity ownership.a It is an emerging form of legal structure that has no central governing body and whose members share a common goal to act in the best interests of the entity. 4) Distributed Ledger Technology ("DLT") Refers to digital and distributed transaction ledgers that hold blocks of data that are distributed over a network of computer nodes.4 Blockchain technology is an example of DLT. 5) European Banking Authority ("EBA") - Refers to the regulatory agency of the European Union whose role is to build a single regulatory and supervisory framework for the entire EU banking sector.s 6) European Central Bank ("ECB") - Refers to the central bank of the European Union countries that have adopted the Euro.6
("ESMA") - Refers to the independent European Union authority whose purpose is to improve investor protection and promote stable, transparent, and orderly financial markets.a 9) European Union ("EU") - Refers to the political and economic union of 27 countries primarily located in Europe.9 10) Initial Coin Offering ("ICO") - Refers, generally, to a type of funding using cryptocurrencies, similar to an initial public offering.10 1 What is Anti Money Laundering (AML)?, LexisNexis, https://internationalsales.lexisnexis.com/glossary/compliance/a nti-money-laundering-aml. 2) Central Bank Digital Currency (CBDC), Board of Governors of the Federal Reserve System, (Apr. 20, 2023), https://www. federalreserve. gov/centraI-bank-digital-currency.htm .3) George Lawton, decentralized autonomous organization (DAO), Tech Target, (Jan. 2023), https://www.techtarget.com/searchcio/definition/decentralized-a utonomous-organization-DAO. 4) Blockchain & Distributed Ledger Technology (DLT), World Bank, (Apr. 12, 2018), https://www. worldbank. org/en/topic/financiaIsector/brief /blockc hain-dlt 5) European Banking Authority (EBA), European Union, https://european-union.europa.eu/institutions-law-budget/institut ions-and-bodies/search-all-eu-institutions-and-bodies/eba_en. 6) European Central Bank (ECB), European Union, https://european-union.europa.eu/institutions-law-budget/institut ions•and•bodies/search-all-eu-institutions•and•bodies/ecb_en. 7) Glossary European Economic Area (EEA), eurostat, (Feb. 3, 2020), https://ec.europa.eu/eurostat/statistics-explained/index.php?title =GlossaryEuropean_Economic..Area_(EEA). 8) The European Securities and Market Authority (ESMA), European Union, https://european-union.europa.eu/institutions-law-budget/institut ions-and-bodies/search·all-eu·institutions-and·bodies/esma_en. 9) Matthew J. Gabel, European Union, Britannica, (May 27, 2023), https://www.britannica.com/topic/European-Union. 10) Definition of ICO - Initial Coin Offering, Fintech Weekly, https://www.fintechweekly.com/ico·definit ion.
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