Article
MiCAR Review: Time To Rethink The Regulatory Approach To Asset-referenced Tokens
The European Commission's review of MiCAR presents a critical opportunity to reconsider how asset-referenced tokens are regulated. With no authorised ART issuers to date, the current framework may be imposing disproportionate regulatory burdens that fail to distinguish between tokens creating genuine counterparty risk and those representing direct ownership of underlying assets. Should European regulators adopt a more nuanced approach that differentiates asset-referenced tokens from asset-representing token
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