Problematic aspects of MiCAR
1. Introduction. – 2. Issues of scope. – 2.1. “Crypto-assets”. – 2.2. Expected crypto-assets. – 2.3. Types of regulated crypto-assets. – 2.4. CASPs. – 2.5. General points. – 3. Issues of content. – 3.1. Credit institutions. – 3.2 The “disproportionate burden” provisions. – 3.3. The “store of value” and “means of exchange” provisions. – 3.4. An overriding strategy. – 4. Inherent issues. – 4.1 The cross-border dimension. – 4.2. Decentralisation. – 4.3. Anonymity. – 5. Conclusion.
Il contributo indaga alcuni profili della disciplina introdotta dal MiCAR che potrebbero comprometterne l’attitudine a realizzare gli obbiettivi con esso perseguiti dal legislatore europeo. Alcuni concernono l’ambito applicativo della normativa, nonché le classificazioni degli oggetti normati in essa impiegate. Altri riguardano alcune fondamentali disposizioni dell’impianto normativo che, talvolta, appaiono di difficile raccordo. Altri ancora sono connaturati al tentativo da parte dell’UE di regolamentare i mercati delle cripto-attività e, in particolare, attengono alle questioni dell’armonizzazione, della decentralizzazione e dell’anonimato.
This paper examines some aspects of MiCAR which are liable to impair its efficacy. Some concern the outermost scope of MiCAR, as well as its internal distinctions. Others relate to the substance of the rules laid down by MiCAR, which at times appear to be at tension with each other. Others still pertain to the very idea of the EU attempting to regulate markets in crypto-assets and, in particular, the challenges of harmonisation, of decentralization, and of anonymity.