FIA has responded to the European Commission’s Targeted Consultation on the review of Regulation on the Markets in Crypto-Assets (MiCA). The Commission’s targeted consultation provides an opportunity to assess the operation of the EU’s regulatory framework for crypto-assets and consider areas where further regulatory clarity or development may be needed. The review comes as digital asset markets continue to evolve, including through the growing use of stablecoins, tokenised financial instruments and new types of crypto-asset products and services.
FIA’s response focuses on issues of particular relevance to derivatives markets and market participants, including the interaction between MiCA and existing EU financial services legislation. FIA highlights the importance of ensuring that crypto-assets and tokenised financial instruments are subject to clear and appropriately calibrated regulatory treatment, while avoiding unnecessary duplication or overlapping requirements.
The response also considers legal and regulatory obstacles that may inhibit the development and adoption of tokenisation, as well as issues relating to stablecoins and the regulatory treatment of emerging products and business models, including prediction markets.
Read the full response here.
