Regulating Crypto and Cyberware in the EU
Karel Lannoo · Cambridge University Press eBooks · 2023
As the EU is finalizing measures for the regulation of cryptocurrencies and the digital resilience of financial institutions, this chapter describes the pros and cons of the new approach for regulating crypto, and assesses the framework for ICT oversight. Both regulations, Markets in Crypto-Assets (MICA) and Digital Operational Resilience Act (DORA), introduce a host of new provisions, and fundamentally change the regulatory framework for digital operations in finance in the EU. Crypto providers will be subject to a new set of rules in MICA, outside the existing rules for investment providers that are governed by the Markets in Financial Instruments Directive (MiFID). But the digital governance of all financial firms will be more strictly regulated under DORA, including the third-party ICT providers.