Cripto-attivitą e abusi di mercato
Cripto-attivitą e abusi di mercato
Abstract: Cripto-assets and Market Abuse Regulation. The spread of crypto-assets as a form of financial investment raises the need to protect the market integrity and investor confidence while considering the peculiarities of the digital ecosystem (smart contracts, digital wallets, cryptographic keys, etc.). According to several empirical studies, DLT may facilitate the consummation of manipulative conducts that are entirely new as to the nature of the wrongdoers and the abusive behaviors. The Article analyzes the main features of the legal framework set out in the Draft Regulation on Markets in Crypto-assets (MiCAR). In doing so, it emphasizes the novelty of the concept of “digital” inside information and the need to reconstruct its operational content by abandoning any reference to the notion of “reasonable investor” provided by MAR.
Summary: 1. Il problema di policy. – 2. I profili pratici del problema: cripto-attività e “nuove” condotte di insider trading. – 3. (Segue): cripto-attività e “nuove” condotte manipolative del mercato. – 4. I profili teorici del problema: definizione formale e concetto funzionale di cripto-attività. – 5. (Segue): cripto-attività e “nuovi” paradigmi nella disciplina degli abusi di mercato. – 5.1. (Segue): il «possessore ragionevole» (reasonable holder) di cripto-attività. – 5.2. (Segue): l’informazione privilegiata “digitale”.
Keywords: Crypto-assets — Utility Tokens — Market Abuse — Inside Information — Reasonable Holder of Crypto-assets.
