Publication of the Decree approving the regulations for the development of the requirements to exercise as digital overseer, the obligations of the digital overseer and the disciplinary and sanctioning regime

The Decree approving the regulations for the development of the requirements to exercise as digital overseer, the obligations of the digital overseer and the disciplinary and sanctioning regime has been published today in the Official Gazette of the Principality of Andorra, thereby complying with the second final provision of Law 24/2022, of 30 June, on the digital representation of assets through the use of cryptography and distributed record book technology and Blockchain, which foresaw the regulatory development of the digital overseer.

It is a new entity subject to licensing and supervision by the Andorran Financial Authority and one of its main functions will be, inter alia, the dialogue between new participants in the field of digital assets who want to submit an application for authorisation or who have to be regularised and the AFA.

Among the most relevant requirements to be able to be a digital overseer, note that only economists and lawyers registered in the Principality of Andorra, who may be both either natural or legal persons, although in the case of legal persons, they must appoint a representative who is a natural person, might be a digital overseer and they also must meet certain requirements of good repute and of qualifications and experience.

Thus, from 20 January 2023, applications for authorisation of related participants in the field of digital assets can be entered to the AFA and these must be submitted through a digital overseer previously designated by each participant. At the latest by this date, the AFA shall create a public register of digital overseer.