Publication: Propuesta de Reglamento sobre los mercados de criptoactivos en la Unión Europea
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2020
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Abstract
La Propuesta se funda en una definición amplia de criptoactivo, entendido como la representación digital de valores o derechos susceptibles de negociación y archivo electrónico mediante el uso de tecnología que permite el registro distribuido de datos cifrados u otra similar. Ahora bien, destaca la exclusión de su ámbito material de los criptoactivos susceptibles de ser considerados instrumentos financieros en el sentido de la Directiva 2014/65, que quedan sometidos al régimen de esa Directiva. Los aspectos esenciales de la clasificación de criptoactivos en la que se basa la normativa propuesta, los diversos regímenes de emisión y control establecidos, así como el tratamiento de los prestadores de servicios relativos a criptoactivos son objeto de análisis.
The Proposal is based on a broad concept of crypto-asset, as a digital representation of value or rights which may be transferred and stored electronically using DLT or similar technology. However, crypto-assets that are deemed financial instruments within the scope of Directive 2014/65 are excluded from the Regulation and shall remain governed by Directive 2014/65. The main features of the Proposal for a Regulation on Markets in Crypto-assets are discussed, including the significant differences between the rules applicable to crypto-assets in general and those applicable to the categories posing special risks: asset-referenced tokens and e-money tokens.
The Proposal is based on a broad concept of crypto-asset, as a digital representation of value or rights which may be transferred and stored electronically using DLT or similar technology. However, crypto-assets that are deemed financial instruments within the scope of Directive 2014/65 are excluded from the Regulation and shall remain governed by Directive 2014/65. The main features of the Proposal for a Regulation on Markets in Crypto-assets are discussed, including the significant differences between the rules applicable to crypto-assets in general and those applicable to the categories posing special risks: asset-referenced tokens and e-money tokens.