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Financial stability risks. According to the ECB, if crypto-assets were used as a store of value, they could impair the transmission mechanism of monetary policy. Among other reasons, because if stablecoins were used as a store of value, this would increase the demand for safe assets, which could, in turn, lead to scarcity of eligible assets for central bank policy operations such as asset purchases and open market operations.
On top of this, in some cases, such as Bitcoin, the absence of an issuer legal person responsible for the issuance creates additional challenges, as explained under Section 2. Loss of private keys. To avoid intermediaries, crypto-asset transactions require a private key, which is personal and cannot be recovered in case of loss. Energy consumption. This is creating increasing environmental concerns. Where a global stablecoin arrangement for such a stablecoin offers rights to redemption, such redemption should be at predictable and transparent rates of exchange, including, where authorities consider it appropriate, at par into fiat money consistent with similar instruments used widely for payment purposes.
The assets eligible for the reserve shall be limited to deposits, deposited in a credit institution approved by the European Union, or for a fraction to highly liquid assets, subject to appropriate safeguards to be put in place. The assets eligible for the reserve shall be denominated in euro or a currency of a Member State of the EU, be held separately from other reserves and be nonconvertible in order to avoid exchange rate risk. For asset-backed crypto-assets that are intended to be used widely for payment purposes, users shall have a direct claim on the reserve and the issuer so that the user can redeem, at any moment and at par value, the asset-backed crypto-asset into legal tender.
All entities operating as part of an asset-backed crypto-asset scheme in the EU shall be registered in the EU before starting any activity 2. The first one is purely regulatory: a new market needs a new set of rules.
In particular, MICA establishes obligations on the issuers of crypto-assets and providers of services comparable to those that apply to the financial sector, but adapted to their specific risk characteristics. The proposal covers any crypto-asset that is not addressed by other legislative instruments financial instruments, electronic money, deposits and structured deposits, etc. It must also be noted that the issuance of decentralized payment tokens, such as Bitcoin, also remains beyond the scope of the regulation, as there is no central issuer to whom obligations can be imposed.
The legislative proposal addresses this only through the regulation of crypto-asset service providers. We may not be able to regulate the issuance of Bitcoins, but we can certainly regulate the activities of those that exchange them, store them or advise clients on their Bitcoin operations. Bearing this in mind, MICA distinguishes, on one hand, crypto-assets in general, for which it contains a specific set of rules, and on the other hand, what it calls Asset-referenced tokens ART and E-money tokens EMT , for which another, more stringent, type of regulation is foreseen.
This whitepaper will not require prior approval by the authorities. A number of behavioral requirements are also imposed on issuers, which will be very familiar to those accustomed to dealing with MiFiD II requirements. As already mentioned, these are specific types of crypto-assets whose special feature is that they purport to maintain a stable value by using different stabilization mechanisms based on a reserve of assets.
It is this concept of multi-asset basket that has so far been highly problematic in the negotiations in the Council of the EU. Crucially, only credit or electronic money institutions will be allowed to issue EMT, and consumers will have a right over the issuer to at par redemption at all times.
In other words, if you are the owner of an e-money token linked to the euro, you will always be entitled to get your euro back from the issuer, nearly free of charge, in the very same way that PayPal must redeem in actual euros your euro balance on your PayPal account. It is difficult to understate the importance of this requirement: on top of consumer protection motives, it guarantees that no monetary creation takes place in the process of issuing and trading EMT.
Any legal person established in the European Union note the additional requirement can issue an ART, subject to prior authorization by National Competent Authorities, which will take a close look to the extended version of a white paper that is required from them. In this process, the ECB would issue an opinion, which would not be binding. As indicated above, the proposed regulation also covers crypto-asset service providers,which is of utmost relevance when it comes to the control of initiatives such as Bitcoin, where the lack of a centralized issuer makes it necessary to establish control mechanisms over the agents exchanging, storing or advising clients regarding these types of assets.
A total of eight types of services are defined, including custody and administration on behalf of third parties, operation of trading platforms or the exchange of crypto-assets for official currencies or other crypto-assets. In order to provide crypto-asset services, companies will need to receive prior authorization from national authorities. This authorization will then be valid across the Union. Credit institutions, as well as companies which are already authorized to provide the same services under MiFiD, will not necessitate such prior authorization.
ARTs have a higher financial stability risk than EMTs, as they are more likely substitutes for existing money. Indeed, contrary to e-money, which is denominated in euros or other official currencies, each ART would have its own denomination. This is, in our view, highly problematic.
Under the current proposal, MICA would be creating a new category of payment instruments which would not be aligned with the current requirements of such instruments in European financial legislation read, PSD2 or EMD2. These are currently being tackled in the Council negotiations. This could allow combining the benefits of a new form of digital money while maintaining the influence of the Central Bank on the determination of money supply.
The debate has accelerated since the first Libra announcement in While no decision has yet been taken on the design of the eventual currency, the ECB has stated some desired characteristics: it favors a universally accessible currency to be used by citizens and businesses but mediated by the private sector.
This would rule out providing citizens direct access to accounts in the Central Bank. The publication of this first report highlights a somewhat sovereignist approach, which presents CBDC as an instrument of strategic autonomy from foreign payment service providers or potential private money issuers. It must not be forgotten, though, that whilst regulating crypto-assets or issuing a Central Bank Digital Currency are highly technical topics, they are no less political.
Different types of crypto-asset regulations, or different CDBC designs, are likely to have significant policy implications, for example in terms of the role the euro plays abroad — or other currencies, private or public, play in Europe — but also in terms of the role of financial intermediaries, accessibility to public money or national security.
Both statements focused on crypto-assets, specifically mentioning Bitcoin the latest one also referred to Ether. The first statement highlighted a number of risks regarding crypto-assets, namely the extreme volatility of their market capitalization, the lack of regulation and supervision, the problems derived from the cross-border features of many of these assets, the potential to lose all the invested capital and the lack of adequate and transparent information for investors.
The second statement built on the same principles, insisting on the total lack of regulation until negotiations on MiCA are finalized and the Regulation enters into force, the high risk of these type of investments, their complexity, the possible manipulation in price setting mechanisms, the very limited acceptance of crypto-assets as means of payment and the risks derived from losing passwords. The electric consumption used in the process leaves an annual carbon footprint equal to the nation of New Zealand, according to Digiconomist.
In addition to consumption concerns, bitcoin also is considered to be a tool of those involved in a number of illegal activities because its use is difficult to trace. Then there's volatility, as the cryptocurrency's price has seen rapid peaks and valleys during its existence. Various government agencies have contemplated the idea of making an alternate digital currency with the hopes that it would open up the global payments system to those who don't have access.
The Federal Reserve, where Yellen once served as chair, has studied the issue and discussed the possibility of a new digital currency along with a payments system it expects to roll out over the next several years.
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