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Archive » March 2022 » The regulation of crypto-assets in the proposal for the MiCa Regulation

The regulation of crypto-assets in the proposal for the MiCa Regulation

Andrea Conso, Roberto Ferretti
March 2022 - n. 3
Keywords: Crypto-asset, Regolamento MiCa, pagamenti
Jel codes: E40, E42

The advent and spread of distributed ledger technologies (Dlt) is bringing about major changes in all sectors of the economy and, in particular, the financial and payment sectors. Attempts to regulate this phenomenon made so far by various countries are based on a taxonomy of crypto-activities that is still uncertain, their scope is limited to the national territory, and they tend to extend to crypto-activities and related services existing disciplines, such as those concerning financial instruments and investment services. It is in this context that the proposal for a regulation on Markets in Crypto-Assets (or MiCa), presented by the European Commission on 24 September 2020, has been put forward. It aims to organically regulate the issuance of all crypto-assets that do not fall within the scope of other European regulations – first and foremost the MiFid 2 – and the services related to such crypto-assets. This article aims at outlining the main contents of the proposal, while highlighting margin for improvement.

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