欧盟法律应如何监管加密货币借贷？-英-15页_206kb

How Should Crypto Lending Be Regulated Under EU Law?

Summary

The article argues that crypto lenders should be classified as credit institutions under EU law and subject to prudential regulation under the Capital Requirements Directive (CRD) and Regulation (CRR). Prudential regulation addresses systemic risks in crypto lending, such as liquidity mismatches, high leverage, and corporate governance weaknesses, demonstrated by the failures of Celsius and Voyager. However, to avoid moral hazard, crypto lenders should not receive full protection like deposit insurance or lender of last resort support. The EU-wide regulation is justified by the cross-border operations and similarities to traditional banking. Unlike consumer protection approaches, prudential regulation tackles financial stability risks effectively.