The influence of European MiCa regulation on cryptocurrencies

【Author】 Conlon, Thomas; Corbet, Shaen; Oxley, Les

【Source】GLOBAL FINANCE JOURNAL

【影响因子】2.853

【Abstract】This research investigates the relationship between impending regulatory measures, specifically the introduction of European MiCa regulations, and their influence on cryptocurrency markets. Analysing stock market responses, we highlight significant shifts in liquidity, variance, and return dynamics post-MiCa-related announcements. Specifically, such announcements are associated with significant negative cryptocurrency returns and elevated liquidity. The findings reveal defined heterogeneity across different cryptocurrency sub-classes, each uniquely affected by its inherent attributes and susceptibility to regulatory changes. This work offers insights into the nature of market responses to regulatory intervention, providing an invaluable perspective on the equilibrium between cryptocurrency market behaviour and the evolving European regulatory landscape.

【Keywords】Cryptocurrency; Regulation; MiCa; Liquidity risk; Governance and policy

【发表时间】2024 DEC

【收录时间】2024-10-25

【文献类型】观点阐述

【主题类别】

区块链治理-法律治理-区块链监管制度