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BigTech cryptocurrencies - European regulatory solutions in sight

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  • Kotovskaia, Anastasia
  • Meier, Nicola

Abstract

Large technology firms ("BigTechs") increasingly extend their influence in finance, primarily taking over market shares in payment services. A further expansion of their businesses into the territory of cryptocurrencies could entail new and unprecedented risks for the future, namely for financial stability, competition in the private sector and monetary policy. When creating a regulatory toolbox to address these risks, financial regulatory, antitrust, and platform-specific solutions should be closely intertwined in order to fully absorb all the potential threats and to take account of the complex risks these platform companies bear. This policy letter evaluates the solutions lately proposed by the European Commission, with specific focus on the upcoming regulation of Markets in crypto-assets (MiCA), but also the Digital Markets Act (DMA) and Digital services act (DSA), against the background of cryptocurrencies issued by BigTechs and sheds light on financial regulatory, competition and monetary law issues coming along with the possible designs of these cryptocurrencies.

Suggested Citation

  • Kotovskaia, Anastasia & Meier, Nicola, 2022. "BigTech cryptocurrencies - European regulatory solutions in sight," SAFE Policy Letters 97, Leibniz Institute for Financial Research SAFE.
    • Handle: RePEc:zbw:safepl:97
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    Keywords

    Cryptocurrencies; Big Techs; MiCA; DMA; DSA; European Commision;
    All these keywords.

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