On September 29, ISDA responded to the European Commission’s (EC) targeted consultation on the review of the Markets in Crypto-Assets Regulation (MICA).
ISDA’s response focuses on tokenization in over-the-counter derivatives and collateral markets. It argues that tokenized collateral can enable atomic settlement, reduce counterparty and liquidity risk, broaden the use of non-cash collateral and automate workflows through smart contracts. Adoption must preserve legal certainty, settlement finality and prudent risk management.
ISDA urges technology-neutral regulation, EU-level clarification of the Financial Collateral Directive and the Settlement Finality Directive, like-asset capital treatment, look-through stablecoin assessment, open interoperability standards and keeping tokenized financial instruments outside of MICA.
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Response to EC Consultation on MICA Review
On September 29, ISDA responded to the European Commission’s (EC) targeted consultation on the review of the Markets in Crypto-Assets Regulation (MICA). ISDA’s response focuses on tokenization in over-the-counter derivatives and collateral markets. It argues that tokenized collateral can enable...
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