The regulation of crypto-assets in the EU – investment and payment tokens under the radar external link

Ferrari, V.
Maastricht Journal of European and Comparative Law, 2020

Abstract

Based on the guidelines issued by the European Securities and Market Authority and by the European Banking Authority, the article deals with the legal qualification of blockchain-based crypto-assets under EU law. Focusing on crypto-assets that function as a) investment instruments (that is, investment tokens) and as b) electronic money (that is, payment tokens), the work outlines shortages and drawbacks in the applicability and enforcement of existing EU legal frameworks regulating investment activities and payment services. With such analysis, the article seeks to inform the ongoing debate within European institutions on the need of regulatory intervention in this area, and it points out pressing questions to be tackled by further research.

Crypto-assets, cryptocurrencies, enforcement, EU law, financial regulation, fintech, frontpage, Technologie en recht

Bibtex

Article{Ferrari2020, title = {The regulation of crypto-assets in the EU – investment and payment tokens under the radar}, author = {Ferrari, V.}, url = {https://journals.sagepub.com/doi/10.1177/1023263X20911538}, doi = {https://doi.org/https://doi.org/10.1177/1023263X20911538}, year = {0521}, date = {2020-05-21}, journal = {Maastricht Journal of European and Comparative Law}, abstract = {Based on the guidelines issued by the European Securities and Market Authority and by the European Banking Authority, the article deals with the legal qualification of blockchain-based crypto-assets under EU law. Focusing on crypto-assets that function as a) investment instruments (that is, investment tokens) and as b) electronic money (that is, payment tokens), the work outlines shortages and drawbacks in the applicability and enforcement of existing EU legal frameworks regulating investment activities and payment services. With such analysis, the article seeks to inform the ongoing debate within European institutions on the need of regulatory intervention in this area, and it points out pressing questions to be tackled by further research.}, keywords = {Crypto-assets, cryptocurrencies, enforcement, EU law, financial regulation, fintech, frontpage, Technologie en recht}, }