Crypto-Assets and their Regulation – Legal Necessity or Obstacle to Innovation?
DOI:
https://doi.org/10.46282/bpf.2025.15Keywords:
crypto-assets, MiCA Regulation, financial law, financial market regulationAbstract
The aim of the paper is to assess the legal status of crypto-assets in the context of systemic failures of financial markets and to examine whether their nature enables functioning outside traditional frameworks or rather reproduces the deficiencies of the financial system and thus requires regulation. Particular attention is devoted to the MiCA Regulation as the first comprehensive EU legal framework in this field and to the practical challenges related to its implementation.
The methodological approach is based on analysis, synthesis, deduction, analogy, and comparison, which allow for the examination of legal provisions and the comparison of crypto-asset regulation with that of traditional financial instruments.
The findings indicate that crypto-assets face similar systemic risks as traditional financial instruments, including information asymmetry, centralization tendencies, and volatility, while the implementation of the MiCA Regulation entails several practical challenges.
The scientific contribution lies in the systematic legal framing of crypto-asset regulation, while the practical contribution is reflected in proposals to strengthen legal certainty, investor protection, and the stability of financial markets.
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