On 28 November 2022, the Council of the European Union adopted the Digital Operational Resilience Act (DORA Regulation). The Regulation includes security requirements to mitigate the risks arising from the digital finance sector due to the emergence of decentralised finance. Furthermore, the Regulation would require information and communications technology (ICT) third-party providers from countries outside the European Union and delivering critical services to financial entities will be required to open a subsidiary in the EU in order for the authorities to ensure compliance with the requirements. The Regulation will be implemented 24 months after it enters into force.
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