L’attività degli intermediari alla luce del processo di digitalizzazione della moneta: l’assenza di una regolazione cross-sectoral

Abstract

The Proposal for a regulation on the digital Euro and MiCAR in order to prevent disintermediation and financial instability maintain a prevalent role of intermediaries in the production of private money, and include services relating to CBDC and crypto-assets in their activities, but the aforementioned regulations can produce regulatory arbitrage and place significant operating costs on intermediaries. The contribution therefore hypothesizes the possibility of qualifying the obligations to provide banking services relating to the digital Euro and cash as services of general economic interest. Furthermore, since security tokens may lack the requirements of financial instruments, the contribution proposes a systematic interpretation of MiCAR’s articles, in order to avoid a regulatory gap for security tokens to which the national implementing regulations of MiFID II do not apply. In conclusion, it is believed that the problems raised by the Proposed Regulation and MiCAR are due to the lack of cross-sectoral regulation