Crypto-assets and securities regulation

Valeria Barbaresi and Paolo Giudici

Chapter 1 in Research Handbook on EU Securities Law, 2025, pp 10-85 from Edward Elgar Publishing

Abstract: This chapter discusses how the crypto revolution has reignited the debate over the function and scope of financial regulation. First, there has been re-discussion as to what a security is with regard to the regulatory framework applicable to crypto-assets. If crypto-assets were to be considered securities, the whole crypto market ecosystem would fall under financial regulation. If not, it should be assessed whether they can be considered equivalent to money, when they cease to be money and become something else, and when instead they are to be considered financial instruments. As we show, after a heated debate, the 2023 markets in crypto-assets regulation (MiCAR) seeks to deal with these issues. Second, it should be assessed whether the crypto revolution is indeed such a revolution. It should be understood whether crypto markets differ from legacy capital markets and whether they are exposed to the same market failures that have required the massive regulatory intervention of today's financial markets. This chapter will attempt to cover them from a broad perspective.

Keywords: Crypto-assets; Securities; Blockchain; Initial coin offering; Tokens; Crypto exchanges (search for similar items in EconPapers)
Date: 2025
ISBN: 9781800376038
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