• This article examines the host of regulatory questions concerning the coordination between Regulation (EU) 2023/1114 (“MiCAR”) and Directive (“PSD2”). • It explores the legal characterization of e-money tokens (“EMTs”), highlighting some critical aspects vis-à-vis the notion of “e-money” provided by the e-money directive and the definition of “funds” in the PSD2. • It explores the features and characteristics of the services associated with EMTs which should in fact trigger the application of the PSD2. • It puts forward a possible interpretative approach to disentangle activities to be qualified as “crypto asset services” from those to be defined as “payment services” and thus coming within the scope of the PSD2. • The analysis deals with the legal characterization of operating models that enable users to carry out disintermediated payment transactions (peer-to-peer).

Token di moneta elettronica e problemi di coordinamento tra il Market in Crypto Assets Regulation (“MiCAR”) e la disciplina sulla prestazione dei servizi di pagamento

Andrea Minto
2024-01-01

Abstract

• This article examines the host of regulatory questions concerning the coordination between Regulation (EU) 2023/1114 (“MiCAR”) and Directive (“PSD2”). • It explores the legal characterization of e-money tokens (“EMTs”), highlighting some critical aspects vis-à-vis the notion of “e-money” provided by the e-money directive and the definition of “funds” in the PSD2. • It explores the features and characteristics of the services associated with EMTs which should in fact trigger the application of the PSD2. • It puts forward a possible interpretative approach to disentangle activities to be qualified as “crypto asset services” from those to be defined as “payment services” and thus coming within the scope of the PSD2. • The analysis deals with the legal characterization of operating models that enable users to carry out disintermediated payment transactions (peer-to-peer).
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10278/5059762
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