Rodrigo Buenaventura, President of the National Securities Market Commission (CNMV)earlier this month during the presentation of the IV Observatory of Savings and Investment in Spain, declared that he sees no value in ‘utility tokens’, ‘stablecoins’ and NFTs and called not to generalize regarding crypto assets , given that there are several types and only some of them, in his opinion, do represent progress in the digitization of markets.
As reported by the Europa Press news agency, Buenaventurá explained in the middle of his speech that there are six different types of crypto assets: those that give preferential access to products (‘utility tokens’), NFTs, those that aspire to replicate a basket of digital assets (‘stablecoins’), those that aspire to become a means of payment, those that represent a stake in a project and do not remunerate shareholders, and finally, those that replicate financial instruments such as crypto shares or crypto bonds.
In this sense, For him, none of the first three contributes any value, since it would only be the last type, the one that seems most interesting to them, since it represents the “true” digitization of the markets.
Having said that, He also clarified that when the European MiCA regulation comes into force next year, it will be necessary to stop warning investors that they are unregulated assets.but it will be necessary to continue warning that they are less safe than a fund, a share or a bond, so that there are no misunderstandings or demagogy when there are episodes of total investment loss.
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