Autore:
Tagliamonte, Irene Titolo:
L'integrità dei mercati delle cripto-attività, tra vecchie e nuove tutelePeriodico:
Osservatorio del diritto civile e commercialeAnno:
2022 - Fascicolo:
Speciale - Pagina iniziale:
381 - Pagina finale:
412The so-called «tokenomics» is the beating heart of permissionless blockchain. Crypto prices incentivize good behaviors and consensus generation in the network. Crypto-market integrity affects both allocation efficiency and the good functioning of the ecosystem in a self reinforcing process. Flaws in crypto-market price formation may threaten confidence in blockchain technology and the long-term survival of decentralized finance. This paper reviews the main factors hindering crypto-market integrity and how they are addressed in the recently approved EU Regulation on the Markets in Crypto-assets (MiCAR). The new framework introduces a toolbox for public/private market surveillance that could give momentum to the EU crypto markets. Forthcoming developments and challenges for regulators and participants in decentralized finance are also highlighted
SICI: 2281-2628(2022)SPECIALE<381:LDMDCT>2.0.ZU;2-A
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