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ARTICLE · 06 JULY 2021

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Bringing Crypto-Assets Into Its Regulatory Web: Draft EU Markets In Crypto-Assets Regulation

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After months of parabolic gains, recent turbulent events have shook the cryptocurrency market.

European UnionTechnology
RDJ LLP
RDJ LLP
Mark Costello
Mark Costello
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Introduction

After months of parabolic gains, recent turbulent events have shook the cryptocurrency market. Just weeks ago, Chinese regulators issued a warning to financial institutions against accepting cryptocurrencies as payment or offering related services and products1. This coincided with Elon Musk suspending Tesla's acceptance of Bitcoin as an acceptable means of payment, citing environmental concerns2. Such developments did not go unnoticed and the total market cap of cryptocurrencies plunged by nearly one trillion US dollars in one day (19 May 2021) before regaining some its lost ground3. Not to be left behind by the Chinese, US financial authorities also announced their plans for a co-ordinated regulatory response to cryptocurrencies4. The recent increase and fluctuation in crypto-asset values suggests that the largely unregulated crypto-market has finally come of age, and in doing so has caught the attention of regulators around the world.

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