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Cryptoassets / MiCA

Context

After a significant downturn in 2022, the value of major cryptoassets such as Bitcoin and the overall market capitalization of cryptoassets has been growing throughout 2023, showing a certain resilience of the crypto market despite the failures observed in 2022. At the end of October 2023, the value of Bitcoin was however still at -40% of its peak of November 2021.

The cryptoasset market is still mainly driven by speculative trading and lending of unbacked cryptoassets by retail investors, but a greater involvement of institutional investors is observed as well as the development of cryptoasset services, such as custody, provided by traditional financial institutions. There is also the potential for new activities and use cases to emerge in the crypto space particularly around decentralized finance (DeFi) and tokenized assets.

Major jurisdictions around the world such as the EU, Japan and the UK are working on the implementation of cryptoasset and stablecoin frameworks, setting out requirements for their public offering and marketing and for the provision of cryptoasset services. In the EU the markets in cryptoassets regulation (MiCA) adopted in H12023 is due to enter into force in 2025. AML / CFT rules have also been updated to take into account cryptoasset transactions and transfers. Work is also underway at the global level led by the FSB and IOSCO in particular, to provide guidance on how to address the risks from cryptoasset and DeFi activities. The BCBS has also set out rules for the prudential treatment of banks’ exposures to cryptoassets.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Eurofi Views Magazine chapters

Cryptoasset and stablecoin regulation - September 2023 new

Martin Moloney - International Organization of Securities Commissions (IOSCO) | Jose Manuel Campa - European Banking Authority (EBA) | Jérôme Reboul - Autorité des Marchés Financiers (AMF) | Teunis Brosens - ING Group

Cryptoasset and stablecoin regulation - April 2023

Martin Moloney - International Organization of Securities Commissions (IOSCO) | José Manuel Campa - European Banking Authority (EBA) | Benoît de Juvigny - Autorité des Marchés Financiers (AMF) | Marco Santori - Kraken Digital Asset Exchange | Richard Teng - Regional Head of Europe and MENA - Binance

Lessons learned from the recent failures in the crypto market - April 2023

Kristin Johnson - U.S. Commodity Futures Trading Commission

The crypto-asset world is sobering up - April 2023

Tomoko Amaya - Vice Minister for International Affairs, Financial Services Agency, Japan

The potential of crypto technology in finance - April 2023

Sébastien Raspiller - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France | Richard Knox - HM Treasury | Jochen Durr - SIX Group Services AG | Daniel Kapffer - DekaBank Deutsche Girozentrale | Philippe Bordenave - BNP Paribas

Cryptoassets: are regulators on the curve? - September 2022

José Manuel Campa - European Banking Authority | Mindaugas Liutvinskas - Ministry of Finance of the Republic of Lithuania | Tomoko Amaya - Financial Services Agency | Morten Bech - Bank for International Settlements | Faryar Shirzad - Coinbase | Antonio Alvarez - Crypto.com | Daniel Kapffer - DekaBank Deutsche Girozentrale

DeFi finance: prospects and policy challenges - February 2022

Robert Ophèle - Autorité des Marchés Financiers | Iota Nassr - OECD | Jos Dijsselhof - SIX Group Services AG | Delphine d’Amarzit - Euronext | Swen Werner - State Street Bank and Trust