MiCAR's Stable Coins & Consumer Protection with Professor Dr Dominik Skauradszun
Presentation Title: Asset-referenced Tokens & Electronic Money Tokens and MiCAR’s (Efficient?) Regulation of the Issuers
An in-depth exploration of the recent MiCA Regulations applied to the context of Asset-referenced Tokens & Electronic Money Tokens. This event raises a pertinent topic of consumer protection within this field. This is event is exclusive to Nottingham Trent University staff and students.
- From: Wednesday 29 November 2023, 5 pm
- To: Wednesday 29 November 2023, 7 pm
- Location: Room 1002 (Courtroom), Chaucer Building, Nottingham Trent University, City Campus, Goldsmith Street, Nottingham, NG1 5LT
- Booking deadline: Wednesday 29 November 2023, 12.00 pm
- Download this event to your calendar
Abstract of event:
With the EU Regulation on Markets in Crypto-assets (MiCAR), the European legislator has created a harmonised legal framework for 27 states dedicated to the regulation of crypto-assets, in particular asset-referenced tokens (ART) and electronic money tokens (EMT). ART and EMT purport to maintain a stable value by referencing the value of an official currency such as the GBP (EMT) or another value or right or even a combination thereof (ART). If the value of ART or EMT could actually be stabilised by this referencing, it becomes even more likely that these crypto-assets will be widely accepted.
MiCAR establishes a right of redemption that allows holders of ART or EMT to receive their investment back "at any time" (Artt. 39(1), 49(4) MiCAR). In order to safeguard this fundamental right of the holders—in many cases consumers—the issuers of ART and some issuers of EMT are obliged to create and maintain a reserve of assets. The asset reserve is highly regulated in order to protect the value of the redemption rights even in the event of the issuer’s insolvency. An opaque web of provisions on asset segregation (Art. 36 MiCAR), recovery plans (Art. 46 MiCAR) and redemption plans (Art. 47 MiCAR) may protect customers, but may also prevent a desirable business model, namely the issuance of stable tokens based on DLT.
Appellate Judge Professor Dr Dominik Skauradszun (pictured below), LL.M. is a full professor of civil law, civil procedure and company law at Fulda University (Germany), appellate judge at the Hesse Court of Appeal (Frankfurt), and Visiting Professor of insolvency law at the Centre of Business and Insolvency Law of Nottingham Law School. Prof Skauradszun is co-editor and author in legal commentaries and handbooks and has published over 130 works, including 70 publications on insolvency and restructuring law and 20 publications on crypto-assets. He has participated in hearings of ministries and supervisory authorities, and commissioned expert opinions in landmark cases on insolvency law and crypto-assets.
Dr Akrum El Menshawy (pictured below) is a Lecturer in Law at Nottingham Trent University, having previously been an HPL here for a number of years. He leads, lectures and tutors on a number of law modules across the undergraduate and postgraduate courses. As an active researcher, Akrum is a proud member of the Centre for Business and Insolvency Law. His area of expertise is the law surrounding blockchain and crypto assets, including cryptocurrencies.
Any queries please contact Dr Akrum El Menshawy
|17.00 - 17.15||Arrival|
|17.15 - 17.25||Welcome & introduction of the event and guest speaker|
|17.25 - 17.30||Additional time factored in|
|17.30 - 18.00||Prof. Dr. Dominik Skauradszun presentation|
|18.00 - 18.10||Refreshment break|
|18.10 - 18.30||Dr Akrum El Menshawy interviews Prof. Dr. Dominik Skauradszun|
|18.30 - 18.50||Live audience Q&A|
|18.50 - 19.00||Closing remarks|