Stablecoins und Aufsichtsrecht
Die Regulierung von E-Geld-Token der MiCAR zwischen Buchgeld, E-Geld und Geldmarktfonds
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Beschreibung
Stablecoins represent the next level of innovation in the crypto sector. In contrast to volatile crypto assets, they promise lasting stability, typically in relation to an official currency. The author examines the regulation of the newly introduced European e-money tokens and compares them with demand deposits, e-money, and money market funds.
Stablecoins represent the next level of innovation in the crypto sector. In contrast to volatile crypto assets, they promise lasting stability, typically in relation to an official currency. In the absence of central bank digital currencies, they act as a functional image of central bank money in the crypto asset ecosystem and add a new form of money to the private monetary landscape. In this context, Felix-Julius Konow examines the European regulatory concept for stablecoins and compares the newly created e-money tokens with demand deposits, e-money and money market funds. They are characterized by their convertibility into central bank money at any time. Conversely, there are differences in the possible safeguarding concepts for the funds accepted. For e-money tokens, this interplay identifies their specific weaknesses that favor run risks, and regulatory proposals are presented to close these gaps.
Autor*in
Felix-Julius Konow
Born 1997; studied law at Goethe University Frankfurt am Main; 2022 First State Examination in Law; 2025 Doctorate; research assistant at the Chair of Civil Law, Commercial Law, and Banking Law at Goethe University Frankfurt am Main; legal clerkship at the Regional Court of Hanau; guest lecturer at Université Lumière Lyon 2.
Themen in »Stablecoins und Aufsichtsrecht«
Aufsichtsrecht Buchgeld Digitalisierung des Finanzwesens Digitalrecht E-Geld E-Geld-Token Finanzaufsicht Finanzstabilität Geldemission Geldmarktfonds Geldsystem Kapitalmarktrecht Krypto-Assets MiCAR private Geldformen