Crypto-Asset Regulation Between Innovation and Normative Frameworks (OpenAlex (recherche mondiale))

Summary

• European Union Regulation (UE) 2023/1114 was enacted on 31 May 2023 to establish the MiCA framework for crypto-asset markets.p.2
• In Morocco, Draft Law n° 42-25 was drafted to establish a specific legal framework dedicated to crypto-assets and service providers.p.3
• Under Draft Law n° 42-25, Bank Al-Maghrib is granted authority over the licensing, regulation, and supervision of asset-referenced token issuers.p.4
• The development of Morocco's Draft Law n° 42-25 is highlighted in Bank Al-Maghrib's 2024 annual banking supervision report.p.6
• Draft Law n° 42-25 designates the AMMC as the authority responsible for licensing commercial crypto-asset service providers.p.6
• The Financial Stability Board issued high-level recommendations on crypto-asset markets on 17 July 2023.p.7

Key insights

1. Traditional legal frameworks face challenges classifying crypto-assets due to their functional diversity and cross-border nature.p.1
2. The MiCA regulatory framework enshrines the principles of technological neutrality and same activities, same risks, same rules.p.4
3. Effective crypto-asset regulation shifts focus from individual product novelty to managing activity-wide risks across the commercial chain.p.5
4. The cross-sectoral impact of crypto-assets necessitates multi-agency coordination among central banks, market authorities, and financial intelligence units.p.6
5. International standard-setting bodies like the FSB and FATF heavily influence national crypto regulatory frameworks.p.7
6. White paper publishing obligations aim to mitigate information asymmetry, but disclosures must remain accessible to non-technical users.p.8
7. Global stablecoin arrangements create significant interconnections with traditional financial systems that require specific macroprudential oversight.p.9
8. Legal certainty serves as a vital infrastructure for innovation by establishing clear rules of market access and operator liability.p.10
9. Regulatory sandboxes enable supervisory authorities to observe emerging technological models in controlled environments.p.12