In a response to the EU’s targeted consultation on the Markets in Crypto-Assets (MiCA) Regulation, the World Federation of Exchanges has explained that tokenised assets that are financial instruments (like shares) should continue to be treated like financial instruments rather than crypto-assets.
The WFE also highlights the role that stablecoins could play in the future. WFE members see value in stablecoins as an alternative payment rail and potentially as eligible collateral or a settlement asset. In order to achieve these possibilities, the WFE sets out a number of actions for consideration in particular EMIR/CSDR eligibility.
Finally, the WFE highlights the legal uncertainties around ownership and investor rights; settlement finality and cross-border legal fragmentation.