This article examines the regulatory landscape for cryptocurrencies in the EU following the Markets in Crypto-Assets Regulation (MiCAR). It argues that the focus of financial supervisors has extendet from traditional prudential oversight only to managing the wealth circulation facilitated by crypto-assets. The article outlines MiCAR’s provisions that empower European authorities to monitor illicit activities within the crypto market and impose sanctions, creating a centralized oversight system. It also emphasizes the need for coordination among institutions like ESMA and EBA to ensure regulatory uniformity, particularly as member states may impose differing restrictions. Moreover, the ECB’s role is highlighted, as MiCAR makes its opinions on crypto operations binding, reinforcing the link between monetary stability and digital currencies. The responsibilities of national authorities, such as the Bank of Italy and Consob, are discussed regarding risk management and compliance with anti-money laundering regulations. © 2024 Fondazione Gerardo Capriglione Onlus. All rights reserved.
CRYPTO-ASSETS AND WEALTH CIRCULATION: THE ROLE OF SUPERVISORS AFTER MiCAR
Lemma, Valerio
2024-01-01
Abstract
This article examines the regulatory landscape for cryptocurrencies in the EU following the Markets in Crypto-Assets Regulation (MiCAR). It argues that the focus of financial supervisors has extendet from traditional prudential oversight only to managing the wealth circulation facilitated by crypto-assets. The article outlines MiCAR’s provisions that empower European authorities to monitor illicit activities within the crypto market and impose sanctions, creating a centralized oversight system. It also emphasizes the need for coordination among institutions like ESMA and EBA to ensure regulatory uniformity, particularly as member states may impose differing restrictions. Moreover, the ECB’s role is highlighted, as MiCAR makes its opinions on crypto operations binding, reinforcing the link between monetary stability and digital currencies. The responsibilities of national authorities, such as the Bank of Italy and Consob, are discussed regarding risk management and compliance with anti-money laundering regulations. © 2024 Fondazione Gerardo Capriglione Onlus. All rights reserved.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
