The digitalization of finance is changing the financial system and its interaction with the rest of the economy. This process, which affects financial and non-financial entities, raises key policy, legal, and economic questions vis-à-vis the integrity and the development of the European Single Market for capital. In recent years, European policies have embraced the digitalization process with an ad hoc Digital Finance Strategy (DFS). This chapter reviews the defining elements of the DFS that can have a lasting impact on capital markets integration and explores the links with the Capital Markets Union project. In particular, it focuses on the impact of two important legislative measures on capital market integration under the DFS, i.e. the Market in Crypto-Assets Regulation (MiCAR) and the Distributed Ledger Technology Pilot Project Regulation (DLTR) (see also Lannoo, Chapter in this volume). It concludes by providing a forward-looking view of the impact of the DFS and about the prospects of ‘digital security’ on capital markets integration in the EU.
The European Strategy on Digital Finance and Its Interplay with Capital Markets Integration in the EU
marco lamandini;david ramos;diego valiante
2023
Abstract
The digitalization of finance is changing the financial system and its interaction with the rest of the economy. This process, which affects financial and non-financial entities, raises key policy, legal, and economic questions vis-à-vis the integrity and the development of the European Single Market for capital. In recent years, European policies have embraced the digitalization process with an ad hoc Digital Finance Strategy (DFS). This chapter reviews the defining elements of the DFS that can have a lasting impact on capital markets integration and explores the links with the Capital Markets Union project. In particular, it focuses on the impact of two important legislative measures on capital market integration under the DFS, i.e. the Market in Crypto-Assets Regulation (MiCAR) and the Distributed Ledger Technology Pilot Project Regulation (DLTR) (see also Lannoo, Chapter in this volume). It concludes by providing a forward-looking view of the impact of the DFS and about the prospects of ‘digital security’ on capital markets integration in the EU.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
