Working Groups

MiCAR's Influence on Stablecoins: Industry Insights and Implications

As the European Union launches the pioneering Markets in Crypto-Assets Regulation (MiCAR), understanding its impact on the burgeoning stablecoin market becomes essential. The Digital Euro Association (DEA) is proud to contribute to this critical dialogue.

Our paper, "MiCAR's Influence on Stablecoins: Industry Insights and Implications," provides an authoritative analysis of MiCAR's potential to either attract or deter stablecoin issuers to the EU, highlighting how the region’s market conditions are poised for substantial transformation. By weaving together insights from digital money experts, industry veterans, stakeholders, and prospective issuers, this publication presents a multifaceted perspective on navigating the EU's regulatory landscape.

Our exploration culminates in a series of strategic recommendations for regulators and financial institutions, underscoring MiCAR's crucial role in shaping the future distribution and operation of stablecoins across the EU.

Download the full paper now to gain comprehensive insights and strategic guidance on MiCAR's impact on the stablecoin market.

Commentary on the Proposal for a Regulation of the European Parliament and of the Council on the establishment of the digital euro

As the European Union reaches the final stages of the investigation phase of the digital euro project, understanding the intricacies and potential directions of this revolutionary financial development becomes paramount. The Digital Euro Association (DEA) is proud to contribute to this pivotal conversation.

Our Digital Euro Regulation Working Group has produced an authoritative commentary on the EU's Proposal for the establishment of the digital euro. This comprehensive document delves into the proposal's nuances, highlighting challenges, opportunities, and the broader implications for the European financial landscape.

More than just an analysis, our commentary is a synthesis of expert insights and actionable recommendations, crafted to guide stakeholders through the complexities of the digital euro's potential integration into the European Union's financial ecosystem. The commentary is available for download in both English and German.

Banking on Tokens

A Primer on Tokenized Commercial Bank Deposits

Launched on the 3rd of May, 2023, the latest Private Digital Euro Working Group was chaired by Juan Gutierrez and Anurag Dubey.

This diverse group of global specialists navigated the complex topic of Tokenized Deposits, exploring the transformation of traditional banking through digitization. The resulting paper, "Banking on Tokens: A Primer on Tokenized Deposits", reveals the implications of tokenizing deposits on financial stability, privacy, Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, as well as their potential impact on commercial banks.

Delving into the intricacies of this innovative fusion, the paper offers comprehensive primer into the potential of Tokenized Deposits, alongside unique considerations on how they could complement and co-exist with other forms of digital money.

Banking on Tokens: A Primer on Tokenized Deposits - paper is available for download now.

Privacy and Central Bank Digital Currencies

Launched on the 2 November 2022, the 2nd Public Digital Euro Working Group was chaired by Anne-Sophie Gógl and Dr. David Tercero-Lucas.

This working group of global experts delved into the topic of CBDC Privacy, examining the importance of privacy in CBDCs and how it impacts the successful adoption, usage, and implementation of digital currencies. Their paper entitled "Privacy and Central Bank Digital Currencies" examines privacy-preserving technologies and provides recommendations for ensuring privacy and security in a CBDC system is available for download.

Citation :
S. Amiri, C. Bachir Brahim, C. Gerencsér, A. Ghosh, A.S. Gógl, J. Gutiérrez, K. Kaponda, C. Kraft, K. Ottoni, C. Pfister, A. Ralphs, D. Szego, Dr. D. Tercero-Lucas, F. Tronnier, L. Tullo, (2023). Privacy and Central Bank Digital Currencies. Digital Euro Association e.V.

Private Digital Euro Working Group

Launched on the 1 February 2022, the Private Digital Euro Working Group is chaired by Chris Ostrowski and Dr. Oriol Caudevilla.

This working group focused on topics related to privately issued money such as stablecoins, tokenized commercial bank money, etc. Their latest whitepaper may entitled - "Stablecoins:

Introduction and recommendations for the EU" is available for download.

Citation :
E. Ahlborn, P. Bofinger, E. Copic, R. Covenas de Leon, A. Crant, C. de la Rubia, G. D’Imperio, W. Distler, S. Dreyer, B. Gherras, T. Haas, P.J.A. Hartmannsgruber, M. Henniges, C. Kraft, X. Lavayssière, F. Mayer, C. Oberrauch, J. Patchay, S. Palurovic, M. Polis, A. Spengel Portillo, G. Prettenthaler, A. Samid, S. Singhal, L. Suarez Barcia, H. Treiblmaier, L. Vanini, (2022). Stablecoins: Introduction and Recommendations for the European Union: Private Digital Euro Working Group Recommendations. Digital Euro Association e.V.

Public Digital Euro Working Group

Launched on the 8 February 2022, the Public Digital Euro Working Group is chaired by Anne-Sophie Gogl and Dr. Filippo Zatti.

This Working Group focused on topics related Central Bank Digital Currencies monitored by the ECB. This working group's paper entitled - "Ahead of the digital euro:

Public Digital Euro Working Group Recommendations" is available for download.

Citation :
E. Ahlborn, C. Bachir, B. Suleiman, L. Suarez Barcia, R. Giovanna Barresi, J. Ford, D. Frade, J. Gutierrez, T. Haas, P. Hartmannsgruber, A. Kamping, D. Baytemür Köksal, C. Kraft, D. Mangini, M. Marz, D. Merz, C. Mouton, T. Ocal, S. Palurovic, J. Patchay, M. Polis, D. Radev, A. Samid, S. Sezer, L. Vanini, (2022). Ahead of the digital euro: Public Digital Euro Working Group Recommendations. Digital Euro Association e.V.

Working Groups

MiCAR's Influence on Stablecoins: Industry Insights and Implications

Download

Commentary on the Proposal for a Regulation of the European Parliament and of the Council on the establishment of the digital euro

Download (English)

Banking on Tokens

A Primer on Tokenized Commercial Bank Deposits

Download

Privacy and Central Bank Digital Currencies

Download

Private Digital Euro Working Group

Download

Public Digital Euro Working Group

Download

Working Group Members

Iterations of the DEA Working Group