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Proposal for a Regulation on Markets in Crypto-Assets: Impact on Currently Available Stablecoins
Vilímek, Matyáš ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
1 Proposal for a Regulation on Markets in Crypto- Assets: Impact on Currently Available Stablecoins Abstract On 24 September 2020, the European Commission introduced its Proposal for a Regulation on Markets in Crypto-Assets (MiCA). In addition to regulating general crypto-assets, so-called crypto-asset service providers, and market abuse in relation to crypto-assets, MiCA also lays down rules for stablecoins, i.e., crypto-assets which aim to maintain a stable value. This thesis analyses how MiCA, if passed into law as introduced by the Commission, would impact the stablecoin market as it exists today, and how this would affect the ways people already use stablecoins. It does so by asking and answering these questions: How do different types of stablecoins function? If MiCA were applied to these stablecoins, would they be compliant? If not, which rules would they not comply with? If the rules were not changed, could we realistically expect such stablecoins to adapt? If they would not adapt and would cease to function, how would it change the way people currently use stablecoins? In its core, the thesis selects five stablecoins to represent the broader stablecoin market and then describes how they function. These stablecoins are Tether (USDT), TerraUSD (UST), Magic Internet Money (MIM), Fei USD (FEI), and...
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