In the dynamic world of digital finance, the crypto asset industry has positioned itself at the forefront of innovation, challenging the status quo of traditional financial institutions with its emphasis on peer-to-peer transactions and minimal reliance on financial intermediaries. This rapid growth, characterized by the birth of novel financial products, has unfolded largely outside the purview of traditional regulatory frameworks, leading to the emergence of new intermediaries and, consequently, a slew of challenges, including market instability and diminished trust—issues starkly highlighted by events like the FTX scandal. Recognizing the imperative for regulatory oversight in this burgeoning sector, the European Union has introduced the Markets in Crypto Assets Regulation (MiCA), a landmark legislative framework aimed at addressing the unique challenges posed by the crypto asset industry. This study unit on the Regulation of Crypto Assets under MiCA is meticulously crafted to offer participants a comprehensive understanding of the EU's regulatory response to the complexities of the crypto asset market. Designed for a diverse audience, from financial professionals and legal practitioners to policymakers and crypto enthusiasts, this study unit aims to combine theoretical insights with practical applications. Participants will emerge with a nuanced understanding of MiCA's pivotal role in shaping the future of digital finance, equipped to tackle the regulatory complexities of the crypto asset market with confidence and strategic foresight.
Main Reading List
- Gorton, G. B., & Zhang, J. Y. (2023). Taming wildcat stablecoins. U. Chi. L. Rev., 90, 909.
- Veil, R. (Ed.). (2022). European capital markets law. Bloomsbury Publishing.
- Martino, E. D. (2022). Regulating Stablecoins as Private Money between Liquidity and Safety. The Case of the EU'Market in Crypto Asset'(MiCA) Regulation. Amsterdam Law School Research Paper, (2022-27).
- Allen, H. J. (2022). DeFi: Shadow Banking 2.0?. Wm. & Mary L. Rev., 64, 919.
- Avgouleas, E., & Seretakis, A. (2023). How should crypto lending be regulated under EU law?. European Business Organization Law Review, 24(3), 421-438.
- Barczentewicz, M., & Gomes, A. D. G. (2023). Crypto-Asset Market Abuse Under EU MiCA. Available at SSRN 4375201.