Markets in crypto‑assets regulation:Does it provide legal certainty and increase adoption of crypto‑assets?  

作　　者：Tina van der Linden Tina Shirazi 

机构地区：[1]Faculty of Law,Transnational Legal Studies,Vrije Universiteit Amsterdam,1081 HV Amsterdam,The Netherlands [2]Zurich,Switzerland

出　　处：《Financial Innovation》2023年第1期509-538,共30页金融创新（英文）

摘　　要：This study discusses the European Union’s proposal for a Regulation on Markets in Crypto-Assets,now subject to formal approval by the European Parliament.The objective is to explore whether it will positively impact the adoption of crypto-assets in the financial sector.The use of crypto-assets is growing.However,some stakeholders in the financial service sector remain skeptical and hesitant to adopt assets that are yet to be defined and have an unclear legal status.This regulatory uncertainty has been identified as the primary reason for the reluctant adoption.The proposed regulation(part of the EU’s Digital Finance Strategy)aims to provide this legal certainty for currently unregulated crypto-assets.This study investigates whether or not the proposed regulation can be expected to have the intended effect by reviewing the proposed regulation itself,the opinions and reactions of the various stakeholders,and secondary literature.Findings reveal that such regulation will most likely not accelerate the adoption of crypto-assets in the EU financial services sector,at least not sufficiently or as intended.Some suggestions are made to improve the proposal.

关 键 词：MiCA regulation Crypto-assets Legal certainty Blockchain Distributed ledger technology Utility tokens Stablecoins Asset-referenced tokens e-money tokens 

分 类 号：F831[经济管理—金融学]