Publication & Reports
At BlackVogel, we leverage our deep expertise in blockchain, AI, and sustainability to produce high-quality publications that inform and inspire. Our team is skilled in crafting comprehensive reports, insightful articles, and engaging blog posts tailored to the needs of the industry and our clients. Whether it’s providing in-depth analysis, shaping public discourse, or supporting our clients’ strategic goals, our publications are recognized for their clarity, rigor, and relevance in a rapidly evolving technological landscape.
CLASSIFYING CRYPTO-ASSETS ACROSS MiCA, MiFID II & AIFMDSSeptember, 2026
The same crypto-asset can fall under different EU regimes depending on how it is designed, and MiCA does not settle which regime applies first. This two-part analysis examines how the design of crypto-assets determines their regulatory treatment under MiCA, MiFID II and AIFMD, using liquid staking tokens as a test case. It explores the structural challenges in sequencing these three frameworks and how decentralisation, minting mechanisms, yield and redemption structures affect classification. The second part focuses on why most liquid staking tokens do not qualify as asset-referenced tokens or e-money tokens under MiCA. The analysis provides a framework for practitioners assessing token classification, structuring, and regulatory obligations in the EU. Co-authored with Juan Ignacio Ibañez, Executive Director of the MiCA Crypto Alliance, and published in Bloomberg Law.
LEGAL CLASSIFICATION OF LIQUID STAKING TOKENS IN THE EU
March 30, 2026
Liquid staking tokens do not fit neatly into any existing regulatory box and that ambiguity has real consequences. This interim report works through the classification problem systematically, applying a feature-based taxonomy across MiCA, MiFID II and AIFMD to determine when an LST is simply a crypto-asset and when it becomes something more regulated. Published for industry feedback, it is the Alliance’s opening position in an active working group.
FUTURE OF BANKING & DIGITAL ASSETS
March 2026
For European banks, digital assets are not longer a future consideration. This report captures where the sector actually stands: 92% of institutions already offering digital asset products, yet struggling with AML tooling, outdated infrastructure and ESG reporting gaps. It maps the operational and licensing realities that sit between regulatory ambition and day-to-day execution under MiCA, DORA and CSRD.
BUILDING TRUST: INTEGRATING AI, BLOCKCHAIN AND DIGITAL IDENTITY
November 2025
This report examines the convergence of artificial intelligence, blockchain, and digital identity, highlighting how these technologies can be integrated to foster trustworthy, inclusive, and rights-respecting digital ecosystems. It analyzes practical use cases, regulatory landscapes, and ethical frameworks, offering a roadmap for designing interoperable systems that prioritize privacy, transparency, and human agency. The report is both a technical guide and a policy-oriented call to align innovation with global sustainability and governance goals.
JOINT INTERPRETIVE NOTE
November 18 2025
Our Joint Interpretive Note makes the case that supervisory authorities need to distinguish between risk assessment and legal constraint. The current frameworks can support these models. What’s missing are shared operational standards that protect consumers without closing the door on a competitive European crypto-asset market. The note was co-authored by us with Nordic Law and siedler legal, shared with participants across DARTE sessions and refined through feedback collected from market players, including some of the leading USD stablecoin issuers active in the space today.
BLOCKCHAIN AS AN ENABLER OF TRUSTED AI
June 2025
The report explores how blockchain technology can support the development of ethical, transparent, and accountable AI systems. The report outlines how decentralized infrastructure can reinforce trust in AI through traceability, governance, and data integrity, while also aligning with key ESG and human rights principles. It serves as both a roadmap and a call to action for building responsible AI ecosystems anchored in trust.
MICA CASP SUSTAINABILITY READINESS ASSESSMENT
January 2025
In December 2024, crypto sustainability pioneer Zumo conducted a snapshot survey designed to assess the preparedness CASPs for the EU’s incoming MiCA regulation, with a special focus on sustainability requirements. This survey report provides an early quantitative industry snapshot designed to inform key stakeholders on industry-side MiCA preparedness and provide an overview of the state of play in sustainability compliance reporting for crypto-assets in the MiCA environment
DAOS AND THE LEGAL WRAPPER DILEMMA: THE VOICES OF THE INDUSTRY
December 2024
This article focused on gathering insights from DAO practitioners and decentralization experts through interviews and surveys. It explored the practical challenges faced by DAOs within different legal frameworks, highlighting key issues related to governance, liability, and regulatory compliance. The findings from these activities provided actionable solutions and recommendations aimed at improving DAO governance and legal recognition.
AI REGULATION AND BLOCKCHAIN – BRIDGING ETHICS AND GOVERNANCE
December 2024
In this report, we dive deep into various AI regulatory frameworks, analyzing how jurisdictions worldwide are tackling the complex issues presented by AI technologies. From the EU to the US, from Brazil to South Africa, we explore the nuances of each policy, highlighting their unique approaches and shared objectives.
BLOCKCHAIN FOR TRACING FUNDS AND GOODS
November 2024
This paper is about exploring how blockchain technology, combined with 3D virtual reality, is revolutionizing international development by enhancing transparency, automating processes through smart contracts, advancing sustainability initiatives, and leveraging innovative visualization tools to empower decision-making and strategic planning. It highlights real-world applications of platforms like Ethereum and Hyperledger Fabric in creating modular, scalable, and secure solutions that drive compliance, optimize resource management, and verify renewable energy and fair trade claims.
A SUMMARY ON PROPERTY RIGHTS IN DIGITAL ASSETS AND CARBON CREDITS
This summary explores the legal recognition of digital assets and carbon credits, focusing on recent UK legislation and key court cases that classify these assets as personal property. It highlights unresolved issues around carbon credit ownership, especially in land-use agreements and derivative trading. The document underscores the need for robust legal frameworks to protect asset holders and support transparency in digital and environmental markets.
BLOCKCHAIN AND AI CONVERGENCE REPORT
July 2024
This report explores how AI and blockchain technologies can converge to redefine industries and societal norms, from decentralized finance to healthcare. It examines their role in enabling data economies and enhancing digital interactions.
POSITION PAPER ON ARTIFICIAL INTELLIGENCE & BLOCKCHAIN
In this rapidly evolving technological landscape, it is imperative that we address the implications of emerging technologies such as AI and blockchain on society. This paper delves deep into the convergence of these two transformative technologies and their potential to shape the future.
DATA ACT OPEN LETTER
The Data Act Open Letter, crafted by leaders in the technology and blockchain industry, called for a revision of the Data Act to safeguard technological neutrality and ensure the adaptability of regulations across different technologies. It highlighted concerns that the language around Smart Contracts, particularly those based on public/permissionless blockchains, may unintentionally restrict their use and bring about uncertainty for existing implementations. The suggestions aimed to ensure that all technological solutions receive equal treatment, promoting an environment that encourages innovation and growth while aligning with the EU’s principle of technological neutrality.
INTELLECTUAL PROPERTY IN THE ERA OF DIGITALISATION: THE ROLE OF TOKENIZATION
January 2024
This article explores the complex and intricate world of intellectual property rights in the digital era, analyzing how technological advancements reshape traditional notions of ownership, creativity, and distribution.
JOINT RESPONSE TO THE ESMA CONSULTATION ON MICA RTS
Our key request was to ensure that the future sustainability indicators are designed to be applicable across all consensus mechanisms. This approach is essential for fostering transparency, comparability, and accountability within the crypto-asset sector. While we can draw inspiration from existing frameworks like CSRD and SFDR, it’s crucial to emphasize that a simple copy-and-paste approach won’t work. We must consider the unique characteristics of blockchain and conduct a thorough feasibility assessment before implementing these indicators. It’s imperative that we develop methodologies that issuers and CASPs can realistically and effectively implement” says Mariana de la Roche-Wills. “The significance of conducting a feasibility study to ascertain the practicality of these regulations in the crypto space is a must. We understand that for any regulation to be effective, it must be implementable and realistic within the crypto industry’s unique ecosystem
MAPPING LATIN AMERICA IMPACT INITIATIVES FOR SUSTAINABILITY
November 2023
This comprehensive report explores the landscape of sustainability, conservation, and social impact within Latin America (LATAM) and the Caribbean. In a region marked by its unparalleled biodiversity and immense potential for innovation, this report serves as a compass, guiding us toward a future defined by global solutions.
BRINGING CLARITY TO THE DEFI SECTOR – A CROSS-SECTOR PROPOSAL FOR A UNIFIED DEFI FRAMEWORK
The purpose of this paper is to provide a comprehensive report of the process that led to the formulation of the consolidated definition of DeFi outlined above. Several stages were completed to achieve this definition, including the literature review that served as the basis, the open survey conducted to gather the opinions of various stakeholder groups, and the valuable feedback received from academia
UNDERSTANDING STAKING: A STRUCTURED TAXONOMY OF STAKING MECHANISMS
This document presents a series of structured tables that categorize various staking mechanisms, ranging from direct technical staking to what’s termed “Staking in Name Only” (SINO).
PROOF OF STAKE
This position paper seeks to differentiate staking from lending based on technical processes and to clarify various types of staking. Amid recent tax reforms, such as the discussions around “DAC8,” which initially classified staking as a crypto-asset service, the lack of consensus on its definition has spotlighted the necessity for clear legal definitions to ensure compliance and foster sector growth.
DEFINING SMART CONTRACTS IN A REGULATORY CONTEXT: CONTRASTING THEM WITH AUTOMATED DATA SHARING AGREEMENTS
September 2023
This policy position report explore the definition of ‘smart contracts’ in the context of the EU’s Data Act. Smart contracts are defined as self-executing contracts with terms directly written into code on a blockchain, enabling transparent and irreversible transactions without central authority. The report contrasts smart contracts with automated data sharing agreements, highlighting their key differences.
IMPACT OF DISTRIBUTED LEDGER TECHNOLOGY ON SUPPLY CHAIN SUSTAINABILITY
September 13 2023
This paper presents and addresses some of the most common misconceptions about blockchain. Addressing misconceptions in the blockchain and DLT space is vital to achieve global scalability, allowing consumers and users to have informed decision-making processes, while also promoting trust and effective risk management. Individuals, businesses, and policymakers must understand these technologies to make strategic decisions, whether for investing, implementing a solution, or developing regulations.
NAVIGATING THE BLOCKCHAIN LANDSCAPE: EFFORTS TO DEMYSTIFY DISTRIBUTED LEDGER TECHNOLOGY
September 13 2023
This paper presents and addresses some of the most common misconceptions about blockchain. Addressing misconceptions in the blockchain and DLT space is vital to achieve global scalability, allowing consumers and users to have informed decision-making processes, while also promoting trust and effective risk management. Individuals, businesses, and policymakers must understand these technologies to make strategic decisions, whether for investing, implementing a solution, or developing regulations.
DEFI HORIZONS: CONVERGENCE OF REGULATORS, INDUSTRY, AND ACADEMIA
The report discussed during the event on June 12, 2023, titled “Bridging the gap between technology and regulation with dialogue,” focuses on the crucial need for ongoing conversations between technology innovators and regulators to address the evolving landscape of decentralized finance (DeFi). It highlights the collaborative efforts of key stakeholders including IOTA, EUCI, and EBA, alongside other industry and regulatory bodies, to form a cohesive response to regulatory challenges posed by DeFi innovations.
BRIDGING THE GAP BETWEEN TECHNOLOGY AND REGULATION WITH DIALOGUE
June 2023
This report presents a summary of the conversations held during an open dialogue between policymakers and industry players. This report sheds light on where the key pain points are on both sides, and to address legislative and regulatory needs while allowing innovation to flourish, their primary key points and pain points. It includes reflections and recommendations for both industry and policymakers
TRACKING ETHICAL BLOCKCHAIN VIA SUSTAINABLE DEVELOPMENT GOALS
This article explores the intersection of blockchain technology and sustainability. Highlighting the contrast between the slow progress at international climate forums like COP27 and the rapid advancements in blockchain technology, the article underscores the potential of blockchain to drive sustainable practices. It specifically notes the significant reduction in energy consumption following Ethereum’s merge and showcases various blockchain projects aimed at environmental improvement.
OVERVIEW OF BLOCKCHAIN FOR CLIMATE ACTION AND SUSTAINABILITY
The overall objective of the experts and associations that contributed to this paper is to showcase the environmental potential of blockchain to policy and decision-makers that develop regulatory frameworks for the safe and sustainable development of blockchain technology around the world.
UNIFIED DEFINITION OF SOCIAL IMPACT FOR THE BLOCKCHAIN SECTOR
Common definitions provide the sector with a basis for a joint understanding. To do so in 2022 the SISWG, in cooperation with members of the GAB of INATBA, reviewed different social impact definitions and derived a social impact definition for the blockchain sector. We believe that a common definition of social impact is crucial to align projects working on the topic to cooperate and achieve greater impact together but it will also help to decipher the potential of blockchain technology and expand the horizon of our actions, so those within and outside the blockchain ecosystem can see and understand the potential of these technologies to achieve a greater good.
SOCIAL IMPACT MODEL FOR SMALL AND MEDIUM-SIZED BLOCKCHAIN PROJECTS
The report titled “Social Impact Model for Small and Medium-Size Blockchain Projects,” authored by Luis Cavaco, details the efforts of INATBA’s Social Impact and Sustainability Working Group (SISWG) to address challenges in demonstrating the social impact of blockchain initiatives. Highlighted in their previous publication, “Blockchain for Social Impact” from September 2021, the report recognizes the specific difficulties that small to medium-sized blockchain projects face in illustrating their impact effectively.
BLOCKCHAIN AND THE CLIMATE ADAPTATION IMPERATIVE
March 2022
This report highlights the underutilized potential of blockchain technology in climate adaptation strategies. As the impacts of climate change increasingly disrupt human and environmental systems, there is a pressing need for innovative solutions beyond mere mitigation. The report emphasizes the lack of adequate tools and resources that encompass analytical, financial, and operational technologies aimed at adaptation, which blockchain can significantly enhance. It calls for robust collaboration among the blockchain community, governments, and climate-vulnerable sectors to foster an environment conducive to developing blockchain applications that enhance climate resilience, urging a unified approach to raising awareness, fostering engagement, and setting standards to effectively utilize blockchain for climate adaptation.
HOW TO UNLOCK INTERNATIONAL TRADE WITH DISTRIBUTED LEDGER TECHNOLOGY
October 4 2021
This blog post delves into the innovative deployment of DLT to address longstanding inefficiencies within global supply chains. Highlighting the transition from paper-based to digital systems, the post discusses a new digital trade corridor established between the UK and Kenya, which aims to enhance trade efficiency by significantly reducing paperwork and improving transparency across supply chains.