This is Part 2 of the series ‘Meet MiCA – the new global standard for crypto-asset regulation’
MiCA’s conception was significantly influenced by the growing importance of stablecoins (caveat: they are not all and always so ‘stable’ …).
Notably, the prospect that Meta Inc. (then Facebook) and co. might introduce a crypto coin as a means of payment in its ecosystem and those of associates with the potential to reach millions (if not billions) of consumers, highlighted the potential consequences of ‘doing nothing’ – with concerns spanning consumer protection, privacy and data protection, operational and prudential resilience, money laundering, competition and even monetary policy.
In response the EU’s proposals for crypto-asset regulation were accelerated, with the MiCa proposal including extensive provision to regulate stablecoins in the form of ‘asset-reference tokens’ or ‘ARTs’ and ‘e-money tokens’ or ‘EMTs’.
Leveraging many tools from the traditional E-money regulation one will find in MiCA authorisation, governance, resilience, reserve and conduct of business requirements. Additional requirements apply when the tokens are considered ‘significant’.
In this seminar we will explore with Elisabeth Noble, the European Banking Authority’s leading expert on crypto-assets, the key features of the issuance regime under MiCA and discuss key fundamentals such as the delineation between MiCA and other EU legislation and practical supervision challenges.
YOUR PANEL
Philipp Paech is the founder of navigatingfintech.com and a passionate educator, consultant and policy-maker specialising in regulation of financial services for more than 20 years. He is the main author of the 30 Recommendations on Innovation, Regulation and Finance instituted by the EU Commission in 2018, which became one of the base documents of the EU’s current Digital Finance Strategy. He is a leading member of the Unidroit global digital asset expert group. Philipp researches and teaches at London School of Economics and the European University Institute in Florence.
Elisabeth Noble is a Senior Policy Advisor and Team Leader at the European Banking Authority. She leads the EBA’s work on crypto-assets, DLT, and the platformisation of financial services and is the EBA coordinator for the European Forum for Innovation Facilitators. She represents the EBA in EU and international standard-setter policy work streams relating to FinTech, market-based finance, financial system interconnectedness, market access and the regulatory perimeter. She is contributing to the delivery of the EU Digital Finance Strategy and was a member of the European Commission’s Expert Group on Regulatory Obstacles to Financial Innovation (now disbanded). Prior to joining the EBA, Elisabeth was at the UK’s finance ministry (2008-14) advising primarily on the response to the financial crisis and the post-crisis domestic and EU regulatory reforms, including the reforms to the regulatory architecture in the EU (Banking Union). Elisabeth has also spent some time in the private sector. Her current research interests relate to data access and competition metrics, platformisation and financial sector interconnectedness, and what she describes as ‘the next generation of financial conglomerates’ (new mixed activity groups, including BigTechs).
Sebastian Ferreyra Romea is a lawyer qualified to practice law in Argentina (Graduated with Honors), Master in Business Law from the Austral University (Graduated with Honors) and Master in Law from the London School of Economics and Political Science (LSE). His legal practise focuses on corporate law, contracts, antitrust and banking and financial regulations. He was Founding President of the Competition Law Society at the LSE, where he currently holds the position of Special Counsel and Ambassador for Latin America. In 2018 Sebastian was recognised for his leadership initiatives by the Foreign and Commonwealth Office of the Government of the United Kingdom.
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