Crypto should be treated as securities, and without further steps, the EU’s famed crypto law MiCA may have little benefit, a study produced for EP_Economics has said. jackschickler reports
The report comes as the European Union finalizes its Markets in Crypto Assets regulation, and considers whether a sequel will be needed to cover extra areas like DeFi, staking and non-fungible tokens .
All crypto assets should be deemed a transferable security – implying they would fall under the EU’s tough governance and authorization rules that apply to traditional stocks and bonds – unless and until a national regulator says otherwise, the report says. That default rule “shifts the onus of gathering the technical facts and arguing the scope of regulation” from regulators to industry, said the report, drafted by a panel of academics from universities in Luxembourg, Sydney and Hong Kong, on request from the European Parliament’s Economic and Monetary Affairs Committee.
Without changes, “we are skeptical that MiCA will have positive short-term effects given the difficulties of enforcing its rules in an opaque cross-border context,” in which 10,000 crypto protocols vie for the lightest possible regulation, added the document, though its findings aren't a formal position of the European Parliament.
The crypto industry has been plagued by a lack of clarity on whether rules designed for traditional financial securities apply to digital assets. In the U.S., the Securities and Exchange Commission's Chief
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