Is there a right taxonomy for crypto assets?
The President of the European Commission, Ursula von der Leyen, recently stressed the need for a common approach with Member States capitalised on cryptocurrencies to ensure we understand how to make the most of the opportunities they create and address the new risks they may pose.
Following the publication of the MiCA legislative proposal on the authorisation of issuers of crypto assets and crypto asset service providers, this seminar will explore the best approach for categorising crypto assets for regulatory and supervisory purposes. Any classification needs to ideally also be internationally consistent and easily applicable.
The market in crypto assets, stablecoins and other tokens has flourished in recent years, both in Europe and globally. The EU’s approach builds on existing EU financial services regulation and bases its framework on the use case. Nonetheless, this creates challenges. When is the crypto asset a security instrument, a means of payment or a commodity token? Can the use case of a crypto asset evolve over time? Will it be used for business-to-business transactions or is it customer facing? Who is the issuer?
MiCA seeks to address these questions by effectively creating seven categories of crypto assets: those that are financial instruments, those not used at all in financial services and five applications categorised and supervised under the new Regulation: general crypto assets, asset-referenced tokens and e-money tokens, as well as significantly more relevant versions of the latter two.
In the first of three seminars exploring MiCA and the related legislative proposals by the European Commission on crypto assets we will look at whether the Commission got this categorisation right.
- Webinar link: https://zoom.us/j/93834895320
Date
- Expired!
Time
Organiser
Linda Strazdina
Phone
+32471915476Senior Consultant and Head of Technology Practice
Other Organizers
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Constantine Arvanitis
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Email
Constantine.Arvanitis@aforeconsulting.eu -
Consultant
Speakers
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04. Peter KerstensAdviser for Financial Sector Digitalisation and Cyber Security, DG FISMA, European CommissionPeter Kerstens advises on Technological Innovation, Digital Transformation and Cybersecurity at the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union. He has led work on the European Commission’s Fintech Action Plan and Co-chairs the European Commission’s Fintech Taskforce. He has extensive experience and expertise in EU policy and regulation covering financial services, digitalisation, security and consumer protection. Earlier in his career, Peter was Finance Counsellor at the EU Embassy in Washington DC.
He has also been a member of the private offices of the Commissioner for the internal market and services and the Commissioner for health and consumer protection. Before joining the European Commission, Peter advised major financial services companies on EU regulatory affairs. He is a Dutch national and holds master degrees in European affairs and political science from the College of Europe in Bruges and the University of Leuven, Belgium.
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James KempManaging Director of the Global FX Division, Technology and Operations and Policy Divisions GFMA and AFMEJames Kemp has been the Managing Director of the GFMA’s Global FX Division since establishing it in 2010 and additionally is also the MD of both AFME’s Technology and Operations Division, which he created in 2016, as well as the Compliance, Tax and Accounting Committees which he has merged to form a new Policy Division. He is heavily involved with efforts to enhance industry conduct, having been instrumental in the formation of the Global FX Code, as a Board member of the UK’s FICC Market Standards Board and as a member of the Bank of England’s FX Joint Standing Committee. He is actively involved in initiatives that involve the application of technology and the transformation this will bring to investment banking. He is a strong supporter of diversity initiatives to bring forward the best talent.
James has previously been a business strategy consultant at The LEK Partnership, working out of London and Chicago, as well as UK Head of Equities and Fixed Income Products at Reuters. He was the founder and managing director of the financial markets technology consultancy, Stentra, a market leader in FX e-trading, as well as commodities, fixed income and swaps. Six years after the company was established, it was sold to ION Trading. James is a keen hockey player and for the last 10 years has been a lead junior section coach at Spencer Hockey Club. -
Jiří ZapletalChair of the Ad Hoc Working Party on Strengthening the Banking Union, German PresidencyJiří Zapletal is Chair of the Ad Hoc Working Party on Strengthening the Banking Union and Chair of the Council Working Group on Crypto-Assets, under the German Presidency. Since 2017, he is a Financial Attaché at the Permanent Representation of Germany to the EU.
Since September 2016, Jiří is Advisor to the German Executive Director at the International Monetary Fund (IMF) and Advisor for Financial Issues of International Organisation, Development Financing, International Climate and Environment Protection at the Federal Ministry of Finance.
Jiří holds a master of European Integration and Development and a degree in Eastern European Studies.
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Marc TavernerExecutive Director of the International Association for Trusted Blockchain Applications (INATBA)Marc Taverner is the executive director of the International Association for Trusted Blockchain Applications (inatba.org), the pre-eminent nonprofit organization supporting the growth of DLT & blockchain technologies. INATBA does this by engaging public and private audiences to address and reduce frictions that inhibit market growth. As executive director, Marc works with INATBA’s members to host bilateral conversations between governments and companies to inform policies and regulations and advance the international adoption of blockchain. Most recently, he led INATBA to partner with the European Commission and the University College London to create a pandemic blockchain task force to convene key players in the blockchain ecosystem to activate resources and deploy tech solutions for the governmental, social, and commercial challenges caused by COVID-19. Marc has been active in the global blockchain ecosystem for more than six years, working across 20 countries, engaging with organisations from core cryptocurrency companies to governments and financial institutions, to large corporates and industry associations. Prior to joining INATBA, he was the Global Ambassador and head of Business Development for the Bitfury Group, one of Europe’s largest blockchain unicorns. To INATBA he brings a unique set of experiences gained from a career in start-ups and industry-leading companies. The founder of a successful modem distribution company, Nuvo, Marc has held leadership roles with many top technology companies, including Genesys Conferencing, the world’s largest provider of unified communications services, and Promethean, a market leader in educational technology solutions.
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Ondřej KovaříkMember of the European Parliament (RE, CZ)Mr. Ondřej Kovařík was born on August 21, 1980 in Kyjov. He studied international trade, international politics and diplomacy at the University of Economics in Prague and later completed an international program in public administration, regional development and EU programmes at the prestigious school for civil servants, the École nationale d’administration (ENA), in Strasbourg and Paris.
Between 2003 and 2010 he worked at the Ministry of Foreign Affairs in Prague in the Economic Relations department and as Commercial Counselor at the Embassy of the Czech Republic to Canada in Ottawa.
In the years 2007 – 2009 Ondřej worked in the Office of the Government where he dealt with security, transport and coordination with the ministries during the Czech Presidency to the EU. Since 2010 he was the Head of Cabinet of the First Deputy Minister of Defence of the Czech Republic. After he was representing the Czech Republic at the European Defence Agency. From May 2013 until June 2019 he has served as Senior Adviser in the European Parliament and as Parliamentary Assistant to MEP Dita Charanzová.
Political Group: Renew Europe
Parliamentary committees: Committee on Economic and Monetary Affairs (ECON) Committee on Transport and Tourism (TRAN) – as a substitute Committee on Civil Liberties, Justice and Home Affairs (LIBE) – as a substitute
Inter-parliamentary delegations: Delegation for relations with Canada (D-CA); Delegation for Northern cooperation and for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee – as a substitute.
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Roger BrownHead of Tax and Regulatory Affairs, LukkaRoger Brown is Head of Tax & Regulatory Affairs for Lukka, a data and software company for transactions involving digital assets. He has more than 28 years of tax experience as an international tax and financial products lawyer. Roger spent a decade in the national office of the IRS writing regulations and other guidance and a similar period as a senior technical partner in Ernst & Young’s financial services office. After being tasked to be lead international tax partner on a number of EY’s largest banking, insurance, and other capital markets clients, Roger was one of EY’s leaders in the FinTech and Blockchain space prior to joining Lukka.