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

【Author】 Hinojosa Martinez, Luis M.

【Source】REVISTA GENERAL DE DERECHO EUROPEO

【影响因子】0.000

【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

【发表时间】2021 OCT

【收录时间】2022-02-28

【文献类型】期刊

【主题类别】

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