Crypto assets are important in driving innovation in the EU digital single market. They can promote financial inclusion, reduce the costs of financial transactions, and improve their speed. At the same time, however, they can be dangerous instruments for investors and facilitate tax evasion and money laundering. This paper argues that the right way to balance these competing needs is a calibrated regulatory response, which considers the peculiarities and market situation of each jurisdiction but also shares common fundamental features. After analyzing the risks of crypto assets and the common features of an effective regulatory response, this paper gives an account of the approach to crypto assets in the EU and in the rest of the world. This analysis shows that the regulatory approach to crypto assets is a pluri-focal one, where three legal orders (the EU, the US and China) have emerged and where the EU can represent an important source of inspiration for other jurisdictions.
Le cripto-attività rappresentano un’importante innovazione per il mercato unico digitale dell’Unione Europea (UE), perché promuovono l’inclusione finanziaria e riducono i costi e la velocità delle transazioni. Allo stesso tempo, possono trarre in inganno investitori inesperti e facilitare l’evasione fiscale e il riciclaggio di denaro. Il presente scritto considera che il bilanciamento tra vantaggi e svantaggi di tali innovazioni tecnologiche vada calibrato attentamente dal legislatore, alla luce delle caratteristiche specifiche di ogni ordinamento, ma che debba necessariamente condividere alcuni elementi. Dopo aver analizzato dunque i rischi delle cripto-attività e gli elementi comuni ad una possibile risposta regolamentare, questo contributo analizza l’atteggiamento del legislatore nei confronti delle cripto attività nell’UE ed in alcune giurisdizioni chiave nel resto del mondo. L’analisi rivela dunque che l’approccio alle cripto-attività è pluri-focale e che, mentre si stanno consolidando tre approcci regolatori (UE, USA e Cina) profondamente diversi, l’UE, anticipando i tempi, può rappresentare un importante punto di riferimento.
Siracusa, E., Zaccaroni, G. (2022). Regulation of Crypto Assets in the EU and in the rest of the World: a Pluri-Focal Approach. IL DIRITTO DELL'UNIONE EUROPEA(3/4), 583-614.
Regulation of Crypto Assets in the EU and in the rest of the World: a Pluri-Focal Approach
Zaccaroni G
2022
Abstract
Crypto assets are important in driving innovation in the EU digital single market. They can promote financial inclusion, reduce the costs of financial transactions, and improve their speed. At the same time, however, they can be dangerous instruments for investors and facilitate tax evasion and money laundering. This paper argues that the right way to balance these competing needs is a calibrated regulatory response, which considers the peculiarities and market situation of each jurisdiction but also shares common fundamental features. After analyzing the risks of crypto assets and the common features of an effective regulatory response, this paper gives an account of the approach to crypto assets in the EU and in the rest of the world. This analysis shows that the regulatory approach to crypto assets is a pluri-focal one, where three legal orders (the EU, the US and China) have emerged and where the EU can represent an important source of inspiration for other jurisdictions.
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