CLEARING THE CRYPTO-ASSETS WILDERNESS: THE EU COMMISSION'S MICA PROPOSAL

【Author】 Hinojosa Martinez, Luis M.

【Source】REVISTA GENERAL DE DERECHO EUROPEO

【Abstract】Blockchain (or distributed ledger technology - DLT) is one of the vectors that are accelerating the process of technological transformation of the financial market. In 2008, Bitcoin opened the way for the creation of currencies accessible to the general public through the use of blockchain, but this technology has spread widely to an increasing variety of areas. Today there are a large number of crypto-currencies and, more generally, crypto-assets that are constantly increasing their number and market capitalization. Crypto-assets can produce positive economic and social effects (enhanced competition, a lowering of costs, financial inclusion, etc.) but may generate also serious concerns (money laundering, data protection, effectiveness of monetary policy, etc.). These risks are exacerbated by the fact that many crypto-assets are not covered by existing financial legislation and operate in a legal limbo. This work analyzes the Regulation proposal on Markets in Crypto-assets (COM (2020) 593) (MiCA) presented by the Commission on 24 September 2020 to fill this regulatory gap. This work demonstrates that MiCA reproduces concepts and standards already known in previous financial legislation with the necessary adaptations to the DLT environment. It offers constructive suggestions to improve the Commission's text and some thoughts on crypto-assets' implications for state sovereignty and an effective transmission of monetary policy. It submits that a coherent, mindful and explicit political decision on the future of monetary policy should precede the definitive MiCA Regulation to safeguard a very valuable public good: financial stability.

【Keywords】MiCA; crypto-asset; crypto-currency; token; asset-referenced token; electronic money; financial inclusion; monetary policy; EBA; ESMA; ECB; stablecoin; financial stability; libra; diem; bitcoin; integrity; fraud

【标题】清理加密资产“荒野”：欧盟委员会的 MICA 提案

【摘要】区块链（或分布式账本技术--DLT）是加速金融市场技术转型进程的载体之一。2008年，比特币为通过使用区块链创造大众可使用的货币开辟了道路，这项技术已广泛传播到越来越多的领域。近来，有大量的加密货币（更普遍的是加密资产）它们的数量和市值都在不断增加。加密资产可以产生积极的经济和社会效应（加强竞争、降低成本、金融包容性等），但也可能产生严重的问题（洗钱、数据保护、货币政策的有效性等）。由于许多加密资产没有被现有的金融立法所覆盖，并且在法律上处于空白状态，这些风险就大大增加。这项工作分析了委员会提出的关于加密资产市场的法规建议（COM（2020）593）(MiCA)以填补这一监管空白。这项研究表明，MiCA再现了以前的金融立法中已经了解的概念和标准，并对DLT环境进行了必要的调整。它为改进委员会的政策文本提供了建设性的建议，并对加密资产对国家主权和货币政策的有效传输的影响提出了一些思考。本报告认为，在制定最终的MiCA条例之前，应就货币政策的未来做出连贯、慎重和明确的政治决定，以保障非常宝贵的公共利益：金融稳定。

【关键词】 MICA；加密资产；加密货币；令牌；资产参考代币；电子货币；金融包容性;货币政策; EBA； ESMA；欧洲央行；稳定币；金融稳定;libra;每日津贴；比特币；诚信;欺诈罪

【发表时间】2021

【收录时间】2022-03-06

【文献类型】Article

【论文大主题】区块链政策法律

【论文小主题】区块链法律

【影响因子】0.000

【翻译者】丁子仪