A globális kriptovaluta szabályozás perspektívái (Mykyta Grechyna)

A közelmúltban az Európai Parlament és az Európai Bizottság ideiglenesen megállapodott a kriptovaluta piacot célzó szabályozási projektről, a Markets in Crypto-Asset Regulation (Csillámpala). We can already notice certain principles by which
respective authorities worldwide will highly likely regulate the crypto asset projects. MiCA is the first forthcoming international regulation in the largest single market on the planet aimed at cryptocurrency businesses.

The European Union (EU) is ready to become a global pioneer to set the standards of a comprehensive crypto regulation that many other jurisdictions may integrate into their own crypto legislation or at least use MiCA as a reference. The planned stablecoins
regulation in the United States (US) is postponed. However, there is a high chance that the US regulation may derive certain principles from the MiCA to at least partly harmonize such an international industry as crypto. That is why it is essential to understand
the logic of how European lawmakers want to treat crypto businesses.

Ma már észrevehetjük és kiemelhetjük azokat a kritikus trendeket, amelyek mentén a kriptovaluta nemzetközi szabályozása nagy valószínűséggel megvalósul.

1. Kriptoeszköz-szolgáltatók (CASP) will be regulated similarly to financial institutions. Recognizing cryptocurrency providers as a particular type of financial institution will entail several specialized requirements that businesses must adopt.
Such conditions will include:

• jelentős jegyzett tőke;
• szigorú szabályok az ügyfelek pénzeszközeinek védelmére (beleértve a társaság jogi felelősségét az ilyen pénzeszközök elvesztéséért);
• speciális kriptovaluta tőzsdei listázási megfelelőségi eljárások;
• megbízható kiberbiztonsági rendszerek karbantartása;
• a vállalat felső vezetésének jó üzleti hírneve;
• rendszeres munkavállalói képzés;
• Igazgatói és tisztségviselői (D&O) és/vagy szakmai felelősségbiztosítási (PI) biztosítás;
• a piaci visszaélések (wash trade, bennfentes kereskedelem, „pumpák” és „dömpingek” stb.) megelőzése kriptovaluta kereskedési platformokon;
• a CASP alkalmazottaira és vezetőségére vonatkozó összeférhetetlenségi szabályok betartása;
• rendszeres számlakivonat-jelentés az ügyfelek felé;
• az összes ügyféltranzakció (beleértve a kereskedéseket is) rögzítése a blokkláncon.

2. Cryptocurrencies négy típusra oszlik, amelyek egy adott token típusra eltérő szabályok vonatkoznak:

• stabil érmék (más néven „e-pénz tokenek”) (egyetlen fiat valutához kötve);
• közüzemi tokenek (kriptoprojekt fejlesztésének finanszírozására kibocsátott tokenek, amelyek egy ilyen token kibocsátója által kínált termék vagy szolgáltatás megvásárlására is felhasználhatók);
• eszköz-referencia tokenek (valutákból, árukból vagy kriptoeszközökből álló kosárhoz kötve);
• biztonsági tokenek (a biztonsági eszköz jellemzőit viselő kripto tokenek).

3. Stablecoins will be regulated similar to electronic money, with the requirement for the issuers to hold a certain amount of their own capital, segregate customers’ funds and comply with rules of reserve capital investment (it will be allowed to
allocate such capital only into highly liquid and low-risk assets). There is also a high probability that lawmakers may introduce a maximum cap on the volume of daily transactions using stablecoins (as MiCA already does), since such tokens may very well pose
a threat to national currencies. Such features of stablecoins as low transaction fees, round-the-clock network availability, and absence of bank-like financial monitoring on incoming and outgoing transactions, are all significant advantages over using traditional
fiat money operated via highly regulated financial institutions. This is a risk some national governments already understand, so they started to work on their own digital currencies known as
Központi bank digitális valuták (CBDC). Meglátjuk, hogyan bontakozik ki ez a rivalizálás; az azonban szinte biztos, hogy a jövőben szabályozási nyomás nehezedik a stabil érmékre, így azok kevésbé lesznek rugalmasak és folyékonyak.

4. Biztonsági tokenek will be traded on specialized exchanges and fall under similar laws applicable to the offering of securities, including prospectus document requirements and disclosure of corporate information. Most likely that specialized securitization
funds will act as issuing entities for security tokens.

5. Decentralizált pénzügy (DeFi), Decentralizált Autonóm Szervezet (DAO)
és a Nem Fungible Token (NFT) ágazatok will become subject to the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) rules. For now, it is not yet quite clear how in practice these rules will apply to such innovative spheres
of the crypto industry. Nevertheless, European lawmakers have already expressed their intent to apply AML/CFT rules to DAO and DeFi that are controlled directly or indirectly, including through smart contracts or voting protocols. Similar financial monitoring
rules may as well apply to the NFTs as, in most cases, they are indeed traceable on the blockchain, technically allowing for their origin and trades to be monitored.

6. Névtelen kriptovaluta nagy kockázatú eszköznek minősül, amelyet nehéz lesz használni és átváltani, mivel a szabályozott kriptovaluta platformok valószínűleg megtiltják a kriptovaluta kínálását és kereskedését.

7. Kripto "utazási szabály" that requires the cryptocurrency transfer service provider to disclose the cryptocurrency sender’s identity to the cryptocurrency receiver’s service provider, will become a norm almost in every jurisdiction. Only peer-to-peer
transactions from one unhosted wallet (the crypto wallet over which its user maintains complete control) to another unhosted wallet will remain relatively private means of transacting crypto tokens.

As can already be seen from the proposed methods of crypto regulation in the EU, the legislative momentum has been given with quite an understood tone of the proposed rules. National governments will require a certain level of customer interest protection
from cryptocurrency service providers, responsible issuance of crypto tokens (including its effects on the environment from mining mechanisms), and analogous governance for tokenized securities as for the traditional form of this financial instrument. Having
control over stablecoins, which pose threat to a governmental monopoly to control the movement of national currencies, is also one of the essential aspects of the regulatory objectives. AML/CFT rules will be comprehensively applicable, including decentralized
products. The crypto ‘travel rule’ will make it harder for people and companies to interact privately with cryptocurrencies.

All of the above constitute a natural legal adoption of innovative technologies that is required for the industry to make it safer for customers and more controlled for the governments. The cryptocurrency industry may significantly benefit from its widespread
regulation as it will make it less risky and thus more attractive for investment by large institutions and later adopters. An alternative path for the cryptocurrency industry would be a total government ban, prohibition of mining, transaction, service provision,
and any other activity in the industry. However, since this industry has already managed to grow quite successfully, for the national governments it already seems almost impossible to stifle it in the bud. Therefore, for legislators worldwide, the task is
to regulate the cryptocurrency industry rather than fight it.