How to regulate crypto assets?
After a long hesitation, and consultation, the European Commission is now proposing to regulate cryptocurrency under the Markets in Crypto-assets Regulation (MICAR) proposal. MICAR is a very complex proposal, covering 3 different forms: crypto-assets (ICOs), e-money tokens (stablecoins) and other cryptocurrencies (based on several assets). It regulates three distinct realities, with different supervisory issues: ICOs are crypto assets, not currencies; stablecoins are a currency, but how to guarantee stability and liquidity?; and how to regulate other cryptocurrencies. The supervision is a mixture of national and EU regulation (EBA and ESMA).
ECMI is hosting a meeting to brainstorm on how to regulate cryptocurrencies. The intention is to have brainstorming with different stakeholders on the basis of a note that will be circulated in advance. There will be no set presentations, rather an informed exchange of views, guided by the academic board members of ECMI.
Discussants:
- Rok Zvelc, Legal officer, DG FISMA European Commission
- Florencio López de Silanes, Professor of Finance and Associate Dean of International Affairs, SKEMA Business School
- Marie Brière, Head of Investor Research Center, AMUNDI and Affiliate Professor, Paris Dauphine University
- Jesper Lau Hansen, Professor of Financial Markets Law, University of Copenhagen
- Niamh Moloney, Professor of European Capital Markets Law, LSE
Moderated by Karel Lannoo, CEO of CEPS and General Manager, ECMI and ECRI
Instructions:
This brainstorming session is by invitation only. You must register in advance to gain access to the meeting and will receive the link the day before the event.