加密资产市场监管(MiCAR):里程碑式的编纂，还是许多人的第一步，还是两者兼而有之?

IF 1.3 Q1 LAW

European Company and Financial Law Review Pub Date : 2023-04-01 DOI:10.1515/ecfr-2023-0014

Philipp Maume

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引用次数: 0

摘要

2432023年6月29日，期待已久的加密资产市场监管(MiCAR)生效。这是世界上第一个基于dlt的单位(代币或加密资产)的综合框架。本文试图揭示其创建的驱动因素以及议会进程的惊人速度。它讨论了它的关键定义和规则集，并确定了欧盟立法者做出的一些有趣的政策决定。然而，尽管MiCAR行动迅速且大胆，但它延续了欧盟金融市场监管的现有结构，包括其一些弱点，如强调国家执法。“复制粘贴”现有监管的想法也可能在未来导致问题，因为加密资产监管与金融市场监管之间的不一致可能会变得更加严重。最大的问题是MiCAR是否以及如何填补剩余的空白，比如对去中心化金融的监管。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Regulation on Markets in Crypto-Assets (MiCAR): Landmark Codification, or First Step of Many, or Both?

Abstract 243 On 29 June 2023, the long-awaited Regulation on markets in crypto-assets (MiCAR) came into force. It is the first comprehensive framework for DLT-based units (tokens or crypto-assets) in the world. This article tries to shed some light on the drivers of its creation and the remarkable speed of the parliamentary process. It discusses its key definitions and rulesets, and identifies some interesting policy decisions made by EU lawmakers. However, despite its speed and boldness, MiCAR perpetuates the existing structures of EU financial markets regulation, including some of its weaknesses such as its emphasis on national enforcement. The idea to “copy and paste” existing regulation might also lead to problems in the future because the inconsistencies between crypto-asset regulation and financial markets regulation will probably become more significant. The big question is if and how MiCAR will approach the remaining gaps, such as the regulation of decentralised finance.

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.