Supervisors info:
Χριστίνα Λιβαδά, Αναπληρώτρια Καθηγήτρια, Νομική Σχολή, ΕΚΠΑ
Summary:
In recent years, blockchain technology and its application to various types of crypto-assets have significantly altered the financial landscape. Consumers and investors now, more than ever, have greater access to alternative instruments for fulfilling their economic interests. To support the operation of these crypto-assets and the growth of this emerging market, new players have entered the scene, assuming diverse roles to meet the increasing demand for these financial products. This new market, although created within an environment of distrust towards the traditional financial system, faces many of the same or similar challenges. This convergence, often referred to as the “financialization” of crypto, has captured the EU’s attention and has led to the Union’s intense attempt to take on the lead towards regulating this new market, by introducing relevant policies and legislative initiatives, with the Markets in Crypto-Assets Regulation (MiCAR), being the most prominent one. MiCAR comprises a wide range of provisions, which, in other contexts, are found scattered in multiple EU legislative frameworks. Although its overarching goal is to regulate the markets where crypto-assets are offered, it is argued here that specific provisions within MiCAR serve distinct sub-purposes.
The aim of this Thesis is to examine consumer protection as one of such sub-purposes within MiCAR. More precisely, it seeks to analyze MiCAR's provisions to uncover where and how consumer protection is embedded within the Regulation, with the goal of assessing the necessity and effectiveness of these provisions in safeguarding consumers.
The Thesis is structured in three chapters. Chapter 1 briefly presents the blockchain, i.e., the underlying technology concerning crypto-assets, and proceeds to introduce the EU’s adopted approach, including the Union’s relevant policies and MiCAR as such. Chapter 2 examines whether MiCAR pursues consumer protection objectives, and identifies potential indicators that support such conclusion, focusing on the regulation's legal basis, recitals, and the introduction of the notion of the “retail holder”. Chapter 3 focuses on specific MiCAR provisions which are identified as facilitating consumer protection. These provisions are analyzed in comparison to other similar ones found in other EU legislative acts and are assessed on their effectiveness in providing adequate levels of protection for consumers engaging in crypto-asset activities.
Keywords:
Markets in Crypto-Assets, Consumer Protection, Investor, EU law, Regulation, Blockchain, New technologies, FinTech, Digital Finance Strategy, Crypto-asset service providers, issuers, consumers
