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Crypto regulation: MiCA implementation challenges (stablecoin requirements, Level 2), global convergence

Day 1 Afternoon

Wednesday 21 February

Room :



Martin Moloney
Secretary General - International Organization of Securities Commissions (IOSCO)
Public Authorities
Shiugeru Ariizumi
Vice Minister for International Affairs - Financial Services Agency, Japan (J-FSA)
Carlo Comporti
Commissioner - Commissione Nazionale per le Società e la Borsa (CONSOB)
François-Louis Michaud
Commissioner - European Banking Authority (EBA)
Sasha Mills
Executive Director, Financial Market Infrastructure - Bank of England
Industry Representatives
Arnaud Misset
Chief Digital Officer - CACEIS
Marco Santori
Chief Legal Officer - Kraken Digital Asset Exchange
Faryar Shirzad
Chief Policy Officer - Coinbase


This session will first discuss the implementation of MiCAR, whether there are any remaining challenges to address or issues to clarify or specify in the perspective of the implementation of the framework in 2024 and the impact that can be expected from the implementation of the MiCAR framework. Secondly the panel will assess how the regulation and supervision of cryptoasset activities is evolving at the international level, whether there are any consistency questions across jurisdictions and whether there are any pending issues or emerging trends in the crypto space that may require further policy intervention.

This session will focus on the regulation of cryptoassets, CASPs and cryptoasset activities. The opportunities and challenges associated with the use of the technology underlying crypto activities in traditional finance (i.e. blockchain, tokenization, DeFi technology) will be discussed in the following session.

Points of discussion

  1. MiCAR implementation: How is the implementation of MiCAR progressing? Are there major issues remaining to be clarified or specified at Level 2 concerning the implementation of asset backed cryptoassets and other cryptoassets? Could the implementation of these rules raise specific challenges for market participants and supervisors? What impact is expected from the implementation of MiCAR?
  2. Global consistency and pending issues: How is the implementation of crypto regulation progressing in the main jurisdictions and are approaches sufficiently consistent? What impact can be expected from the international initiatives led by FSB and IOSCO? Are there pending issues or emerging trends that may require further policy interventions (e.g. related to the interconnectedness with traditional finance, tokenized assets…)?